Vinod Dasari, the chief executive officer and managing director of truckmaker Ashok Leyland, has decided to step down at end of March 2019 as he looks to explore other career opportunities.
“After a successful stint of almost 14 years with Ashok Leyland, first as a chief operating officer and then as CEO and MD, Vinod Dasari has decided to pursue his personal interests and seek new learning,” the company said in a media statement. The board has accepted his resignation, however, Dasari will continue to work till March 31, 2019 to “ensure a smooth transition”.
Dheeraj Hinduja has been requested by the board to step in as the executive chairman with immediate effect to assist in business continuity and seamless transition to the new chief. The nominations and remuneration committee of the Ashok Leyland board will meet shortly to decide the future course of identifying a new CEO and MD, according to the statement.
Under Dasari's leadership, India's second-largest medium and heavy commercial vehicle maker improved profitability significantly and recently also turned debt free.
That's why the resignation is a slight negative and “could remain as a overhang” on the stock's performance, according to Gaurant Dadwal, an automobile analyst with Nirmal Bang Institutional Equities.
Dasari, in the statement, called his 14 years at Ashok Leyland an “incredible experience” despite the challenges the company faced. “My decision to leave is purely personal as I wish to pursue my personal interests and continue my learning journey,” he said. “I consider it an honour and a privilege to have led this great organisation over the last few years.”
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