After 21 years at the helm, Venu Srinivasan, Chairman of TVS Motor Company, will step down to let former Jaguar Land Rover CEO Ralf Speth become the new chairman of the two-wheeler company in 2023. This is perhaps the first time that a person outside the TVS family has been appointed as the top boss of a group company.
This might come as a surprise to shareholders of TVS Motor Company, given that the company’s board had handed Srinivasan a five-year term effective from April 2020.
But given the global ambitions of TVS, as was illustrated in Srinivasan’s corporate moves such as the buyout of the UK’s famed Norton brand and the tie-up with Germany’s BMW Motorrad, the appointment of Speth should not raise too many eyebrows. “His thoughts will add immensely to TVS Motor as the company shapes itself for the future,” Srinivasan said at the time of the appointment.
Under Srinivasan, TVS was transformed from predominantly being a moped maker to a credible two-wheeler company that created its own niche in a fiercely competitive market that also had Hero, Honda and Bajaj.