This story is from March 24, 2006

Subbu steps down from driver's seat at Hyundai

TNN / Mar 24, 2006, 23:51 IST

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BVR Subbu announced his decision to step down as president of the company at the end of the current financial year.

Subbu steps down from driver's seat at Hyundai

NEW DELHI: BVR Subbu, the public face of South Korea's Hyundai Motor Company in India, on Friday announced his decision to step down as president of the company at the end of the current financial year.
Though both Subbu and Hyundai did not divulge reasons for his decision to leave office after nearly a decade-long tenure, sources pointed out that Subbu will continue to play an advisory role in the company.Subbu is later expected to take charge of Hyundai's proposed truck-making venture in India, a source said.
Hyundai Motor India managing director Heung Soo Lheem also hinted at such an arrangement saying: "Hyundai and Subbu will explore opportunities for a continued professional relationship... Hyundai will always look up to Subbu's professional guidance and support for the future."
...Rumours of Subbu's exit from Hyundai has been doing the rounds for almost a year now. The industry was, in fact, abuzz with reports that Subbu might join a rival car maker Nissan as its India representative -- a move that has been vehemently denied in the past.

"Subbu has decided to step back for personal reasons. He will step down as president at the end of his current term on March 31," a source close to the development said.
Subbu's exit comes at a time when the company is embarking on a major expansion drive in India involving an investment of $600 million to scale up production capacity in India. The company, sources said, is yet to identify a successor for Subbu.
Subbu had joined Hyundai Motor India in 1996 as director (marketing) and was elevated as president in March 2002, succeeding AP Gandhi.

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