Signalling its succession plans, Chennai-based TVS Motor Co today appointed Sudarshan Venu, son of its Chairman and MD Venu Srinivasan, as Joint Managing Director while daughter Lakshmi Venu will join the board as an additional non-executive director.
Sudarshan Venu (24), the younger of the two siblings, has been a whole time director of the company since February 2013. "The company is steadily increasing its market share and the volume of its business. Global business has also been increasing. Sudarshan Venu as Whole-Time Director has been actively participating in the activities of the company and has considerably increased his engagement in and contribution to the progress of the company", TVS Motor Company said in a statement adding the appointments take effect from today.
"Under the circumstances, the board of directors of the Company has appointed Sudarshan Venu as its Joint Managing Director," it added.
He was earlier inducted into the board of Sundaram Clayton, the holding company of TVS Motor Company, as an additional director in September 2011.
Venu completed his graduation in 2010 from the University of Pennsylvania. Besides, he holds a Masters in the International Technology Management from the Warwick Manufacturing Group, an academic department at the University of Warwick in the UK.
In a filing to the BSE, the company said his appointment for the remaining period of his tenure is without any change in the terms and conditions and remuneration.
The company also said it has appointed Lakshmi Venu (31) as an additional non-Executive Director. "Lakshmi Venu will serve as the woman director on the Board in compliance with the provisions of Companies Act and the Listing Agreement," the company said.
Last year, the board of Sundaram Clayton decided to give Venu, who is also the daughter-in-law of Infosys co-founder NR Narayana Murthy, additional responsibilities to explore business opportunities and expansion, both on domestic and global fronts.
She was appointed as "Director-Strategy" in the rank of Managing Director of the company for a period of five years from March 22, 2010 to March 21, 2015.
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