Ashok Leyland on Tuesday said its managing director and chief executive officer Vinod K Dasari has resigned from the position after nearly 14 years with the company.
The board of Ashok Leyland has accepted his resignation and Dasari will continue to work in the current position until 31 March 2019, to ensure a smooth transition, the company said in a statement.
To board also requested chairman Dheeraj Hinduja to step in as executive chairman to assist the company for continuity and a seamless transition, the company said, adding that the nominations and remuneration committee of the board is expected to meet soon to identify the next CEO and MD.
Dasari joined the automobile manufacturer as chief operating officer in 2005. The company appointed Dasari as MD in 2011 and in 2016 he became the CEO.
"My decision to leave is purely personal as I wish to pursue my personal interests and continue my learning journey," Dasari said. "Fourteen years in this great company has been an incredible experience."
"I would like to place on record the contribution of Dasari in making Ashok Leyland a formidable force in the industry. He along with his leadership team steered the company to ensure significant all round performance," Hinduja said.
Meanwhile, Ashok Leyland posted a lower-than-expected 37.5 percent rise in second-quarter profit on Tuesday due to higher raw material costs.
Profit was Rs 4.60 billion ($63.32 million) in the quarter ended September 30, compared with Rs 3.34 billion a year earlier, the company said.
First Published: IST