NEW DELHI: Hinduja Group flagship Ashok Leyland on Thursday said its Managing Director and CEO Vipin Sondhi has resigned from the company citing personal commitments and Dheeraj Hinduja has stepped in as executive chairman with immediate effect for business continuity.
The board will meet shortly to decide on the further course of action for identifying the next CEO and MD, Ashok Leyland said in a statement.
"To assist in business continuity and a seamless transition, the Board has requested Dheeraj Hinduja to step in as Executive Chairman with immediate effect," it said.
Hinduja currently serves as non-executive, non-independent director-chairperson.
Sondhi, who would step down from December 31, 2021, will fully support and facilitate a smooth management transition, it added.
According to the commercial vehicle manufacturer, Sondhi has expressed his intention to devote more time to certain personal and family commitments in the post-COVID situation, which requires his extended presence in New Delhi.
"Respecting his personal reasons, the board has extended its support and agreed to his decision to move on," it said.
Ashok Leyland Chairman Dheeraj Hinduja said, "I would like to place on record Vipin's significant contribution in Ashok Leyland navigating the disruption caused by the Covid-19 pandemic and seeding firm actions to pursue our Vision. We wish Vipin the very best in all his future endeavors."
Sondhi said, "Working with the Hinduja Family and the leadership team at Ashok Leyland has been an enriching experience.
That we have been able to meet all the challenges head-on despite the global pandemic and continue on our growth path has been very satisfying."
"I would like to thank the Board for its continuous support and my committed team across Ashok Leyland for their tireless work and co-operation to ensure that we move closer to our Vision to emerge as one of the top 10 CV makers in the world," he added.