TNI || New Delhi || 3rd Sept 2021
Nitin Seth, the Chief Operating Officer of Ashok Leyland, has resigned from his position in the company.
He was also the director of Switch Mobility, the UK-based electric vehicle division of the trucking giant.
Seth’s stepping down from his role comes at a time when the company’s light commercial vehicle segment is gaining momentum in local and international markets.
That said, Ashok Leyland’s mainstream business of medium and heavy commercial vehicles has seen a steady downfall in the market share in the quarters that have gone by.
The company saw an EBIDTA margin drop from a strong double-digit figure to a negative return. With operations severely hit during COVID, Ashok Leyland posted a loss before tax for the first time since 2013, and that too to the tune of Rs. 412 crore in FY 2021.
Notably, Nitin Seth took care of 50% of volumes of the group’s business and the four businesses headed by him accounted for 40% of the company’s revenues.
He was credited with the setting up of the Switch Mobility business of the company. Under his leadership, the LCV cumulative sales volume grew 93% to 18493 units in the first quarter of this financial year as compared to the same period last fiscal.
Seth also laid the foundation for the light commercial vehicle business, which was first in a JV with Nissan and later turned into an independent operation.
In addition to the LCV spectrum, he was also leading other growth areas of businesses like defense, international operations, and power solutions.