Tata Motors appoints Marc Llistosella as next chief executive

Former Daimler Trucks Asia head will take charge of the Indian company in July

Mitsubishi Fuso Truck and Bus Corporation President and CEO Marc Llistosella speaks in front of the company's concept model E-Fuso Vision One during media preview of the 45th Tokyo Motor Show in Tokyo, Japan October 25, 2017.  REUTERS/Toru Hanai

Tata Motors on Friday named former Daimler AG manager Marc Llistosella its next chief executive officer.

The announcement comes after incumbent Guenter Butschek asked to step down from the role due to personal reasons.

Mr Llistosella previously headed Daimler Trucks in Asia, where he oversaw a drive to electric, and will take charge in July.

Former Airbus SE executive Mr Butschek has been chief executive of Tata Motors since 2016 and will stay on until June 30, according to the company.

“Marc is an experienced automotive business leader with deep knowledge and expertise in commercial vehicles” and “extensive operational experience in India,” Tata Chairman N Chandrasekaran said in a statement.

Whilst Tata Motors beat expectations for the quarter that ended in December, it has struggled with falling sales and rising debt, and in 2019 posted India's biggest ever quarterly corporate loss.

The Mumbai-based company is largely dependent on its Jaguar Land Rover luxury-vehicle unit and laid out plans last year to cut costs by $3.5 billion.