late Wednesday evening said that Guenter Butschek will be stepping down as the managing director and chief executive officer of the company on 30 June, leaving the legacy automaker without a CEO for the third time in the last decade.

After five years at the helm of the company, Butschek will continue as a consultant with Tata Motors till the end of FY22 as the company looks for his successor. Marc Llistosella, who was to succeed Butschek, pulled out of taking the top job at the company earlier this year.

Girish Wagh, the president of the commercial vehicles business unit at Tata Motors will be inducted to the board of the company.

Wagh, Shailesh Chandra, the president of the passenger vehicles business unit, and Thierry Bollore, the CEO of Jaguar Land Rover will report to Tata Motors and Tata Sons Chairman N Chandrasekaran, the company said in a statement.

Allaying concerns of business continuity, Tata Motors said that the executive committee was an experienced leadership team that had successfully scripting the turnaround of the company and will continue to drive the business.

“Leading Tata Motors over the last five years was an exciting experience. The business fundamentals are stronger, and we are well positioned to leverage the opportunities in both commercial and passenger vehicles,” Butschek said in the same statement, adding that he looked forward to being a consultant with the company in the coming months.

Butschek is widely credited for turning around the fortunes of Tata Motors, leaving a highly competitive business behind, especially in the passenger vehicles unit which was losing market share and bleeding capital when Butschek joined the company.

Chandrasekaran thanked the German expat saying: “I would like to thank Guenter for leading Tata Motors successfully over the last five years and creating a strong foundation for the future. I look forward to his continued inputs as a consultant to the company.”

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