B V R Subbu, the face of South Korean auto major Hyundai in India, on Friday announced his exit from the company days before his contract was to come up for renewal - ending a nearly decade-long stint that saw the company emerge as the country's second-biggest carmaker.
Subbu, whose contract was set to expire on March 31, put in his papers, calling it quits just when the company had embarked on a major expansion drive in India involving investment of as much as $600 million to scale up production capacity to 6,00,000 units by 2007 from the current levels of 2,80,000 units.
"I step down from the post of president, Hyundai Motor India, at the end of my term of office effective from March 31, 2006. I leave Hyundai Motor India with a sense of satisfaction at having helped to create and nurture a truly world-class organisation of exceptional promise," Subbu said in a statement.
Hyundai India managing director H S Lheem termed Subbu's exit as "an irreparable loss" and said the company would always look up to his "professional guidance and support" for the future.
"Hyundai and Subbu will explore opportunities for a continued professional relationship," Lheem, who joined India operations in January this year, said.
Subbu had joined Hyundai India in 1996 as director (marketing) and was elevated as president of the company in March 2002, succeeding A P Gandhi.
He started his career with the Tata Administrative Services in 1977, after completing his Masters in Economics from the Jawaharlal Nehru University. After a brief stint with TAS, he moved to Tata Engineering, where he played a key role in building the company's market share in the multi-utility vehicle, light commercial vehicle and heavy commercial vehicle segments.
After coming up as a strong player in the Indian car market, Hyundai India has been somewhat struggling to keep the momentum going. Even as its flagship 'Santro' continues to bring in numbers, other models -- especially the much-hyped 'Getz' and 'Elantra' -- failed to cut ice with consumers.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
