HomeBusinessTata Motors yet to name new CEO, Butschek to get extension?

Tata Motors yet to name new CEO, Butschek to get extension?

MUMBAI/CHENNAI: With just two weeks left for Tata Motors CEO Guenter Butschek’s term to come to an end, the flagship of India’s largest conglomerate, the Tata Group, is yet to name his replacement.
Since March, Tata Motors — through recruiter Egon Zehnder — has been searching for a successor to Butschek, who is on an extension till June 30. To be sure, Tata Motors had selected German national Marc Llistosella as Butschek’s replacement in February. But it withdrew the chief executive job offer a month later in an unusual U-turn for such a high-level automotive appointment.
There is speculation that Butschek’s term could be extended again. His original five-year tenure with Tata Motors had ended in February and his contract was renewed for another four and a half months.
The Tata Motors board will meet on Thursday to consider Butschek’s extension or a CEO’s appointment. Tata Motors declined to comment for this report, which it described as speculative. It said that it’s the prerogative of the nomination & remuneration committee and the board to make this decision.
If Tata Motors is without a CEO after June 30, it will be the fourth time in the past 27 years where it is without a chieftain and where its operations will have to be overseen by the chairman N Chandrasekaran.
Butschek, also a German national, has been managing Tata Motors from his home country Austria for most of the pandemic. If Butschek’s term is further extended till Tata Motors finds his successor, he would prefer continuing to work from Austria, it is learned.



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