India’s biggest automaker by revenue and the owner of Jaguar Land Rover, Tata Motors, has announced the appointment of Chairman Cyrus Mistry, 45, as leader of the company – while also searching a permanent replacement for Managing Director Karl Slym, who died in January.
Mumbai-based Tata announced in a statement that Mistry will oversee a committee that will guide Tata Motors, managing the strategy and daily operations. The Chairman would also lead product design and engineering review meetings and the managing board thinks it will appoint a new managing director when the time comes.
Karl Slym managed Tata Motors – except for the Jaguar Land Rover unit – and sought to revive the ailing Indian unit, which had lost market share in its local market after the failure of the low-cost Nano project.
Tata passenger cars reported a slump of 37 % in the nine months through December, the biggest decline among 17 automakers, while Nano deliveries fell a whopping 72 %. Now, the Indian company actually relies on its British Jaguar Land Rover unit for the majority of its profit.