NEW DELHI: Homegrown auto major TVS Motor has elevated Sudarshan Venu as the managing director of the company, effective Thursday. He was donning role of the Joint managing director of the company till Wednesday.
Sudarshan so far has played a key role towards electrification in TVS and in expanding the Cos reach in the global markets including Asia, Africa, and more recently in Europe. According to industry executives, it was under his direct watch that TVS acquired legacy UK-based motorcycle brand Norton and charted its revival. Sudarshan also spearheaded acquisition of Swiss E-Mobility Group (SEMG) and EGO Movement.
Going forward, TVS has aggressive plans in electric two-wheeler space and IT will take on rival players such as Bajaj Auto and Hero Motocorp and new age players such as Ola Electric and Ather Energy.
Sudarshan’s elevation also coincides with the appointment of Sir Ralf Dieter Speth as the Chairman of the company. It is the first time when a non-family member will be the chairman of the Chennai-based company.
Venu Srinivasan, who has passed the baton to his son, has now become the Chairman Emeritus of the company. Till yesterday, he was the CMD of TVS Motor. Srinivasan, Chairman Emeritus, TVS Motor Company said, “He has also led some key acquisitions and the expansion of group companies..” Meanwhile, the company reported a 5.1% YoY decline in net profit to Rs 274.5 crore in the March quarter. Its revenue from operations during the quarter surged 4% YoY to Rs 5,322 crore.