02 Sep 2021
At Ashok Leyland, Seth laid the LCV (light commercial vehicle) business foundation - first in a joint venture with Nissan and eventually turned around the company as an independent operation.
Mumbai: Nitin Seth, The Director on board of Switch Mobility, the UK based electric vehicle arm of the truck maker and the Chief Operating Officer of Ashok Leyland, has resigned from the company.
The resignation of Seth comes at a crucial time when the company's LCV business is gaining momentum both internationally and in local markets, and its EV arm, Switch Mobility, prepares itself for a round of funding in the business.
However, its core market of medium or heavy commercial vehicles has severely depleted its market share in recent quarters.
The company has marked its EBIDTA margin from a solid double-digit to a negative return in the last quarter. As a result, Ashok Leyland posted a loss before tax Rs 412 crore in FY21, the first time since FY2013 and gave a loss in Q1 of FY-22 - with operations critically hit by Covid-19.
Seth managed over 50% of the masses of Ashok Leyland's business, and all four firms headed by him roughly estimated for 40% of the company's total revenues. He also was one of the key architects in setting up the foundation for the new age Switch Mobility business at the corporation. As a result, the cumulative light commercial vehicle sales volume grew 93% to 18493 units in the first five months of FY22 compared with the same period last fiscal.
Seth has over three decades of experience in the automotive industry, having worked across segments - cars, medium and heavy-duty commercial vehicles & LCV products. He spent over a decade at Ashok Leyland - right from leading sales and marketing, managing global alliances - Seth also provided strategic and operational leadership roles in greenfield projects and product planning.
At Ashok Leyland, Seth laid the LCV (light commercial vehicle) business foundation - first in a joint venue with Nissan and eventually turned around the company as an independent operation. Apart from LCVs, he led other business growth areas like defence, power solutions, and international operations.
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