Exclusive: Tata Motors considering extension for MD Guenter Butschek of up to year
Guenter Butschek had previously been granted an extension till June 30, after Marc Llistosella declined to join as Managing Director of Tata Motors.
June 17, 2021 / 08:10 AM IST
Tata Motors is considering a further extension of up to a year for MD Guenter Butschek, reported Parikshit Luthra from CNBC-TV18.
Guenter Butschek had previously been granted an extension till June 30, after Marc Llistosella declined to join as Managing Director.
Tata Motors had roped in Butschek, former Airbus chief operating officer, as its managing director and chief executive of local operations in 2016, filling up the positions left vacant after the death of Karl Slym in January 2014.
Marc Llistosella not joining as CEO and MD, says Tata Motors
The company has hired Egon Zehnder, a global consultancy firm for advise on leadership succession and possible candidates. Tata Group in the process of identifying a candidate for MDs role and may give Guenter Butschek an extension till a suitable candidate is identified, added the sources.
Reports say that firm's Nomination and Remuneration Committee will soon take a decision on the issue. However, Tata Motors has not commented on the speculation as of yet.
Earlier on March 19, Tata Motors said that Marc Llistosella will not be joining as its CEO and Managing Director as was communicated earlier.
Llistosella, the former president and CEO of Fuso Truck and Bus Corporation and head of Daimler Trucks in Asia, would have succeeded Butschek, who has expressed his desire to relocate to Germany at the end of the contract for personal reasons.