Rakesh Srivastava resigns from Hyundai, may become BMW India head
Rakesh Srivastava seems to a be a prudent choice for BMW India head since the company needs a leader deep knowledge of the Indian luxury car market
New Delhi: Rakesh Srivastava, director (sales and marketing) at Hyundai Motor India Ltd, resigned on Tuesday morning after being associated with the company for almost six years. He is likely to join BMW India as country head, said people aware of the development, as the post has been lying vacant since BMW AG appointed Vikram Pahwa as leader of its Australia and New Zealand operations.
An email written to BMW India Ltd remained unanswered till the time this story was published.
Rakesh Srivastava seems to a be a prudent choice for BMW India head since the company needs a strong leadership with good understanding of the domestic market to compete with Mercedes-Benz India, the leader in the country’s luxury car market.
Over a telephonic conversation with Mint, Srivastava said did not want to comment on the organization where he is likely to join but added that he had a very enriching experience working with Hyundai and is leaving behind a strong team. Srivastava steered Hyundai India through one of the most successful period in the company’s history and has overseen the launch of successful cars such as the Grand i10 and Elite i20 hatchbacks and the Creta SUV.
He joined Hyundai India in 2012 when the carmaker’s volumes stood at 3 lakh units per annum and leaves it at 509,707 units—the highest ever—in 2017-18. Hyundai’s market share grew to 17% from 14% during this period.
“With Hyundai firmly poised as market leader with an aspirational multi-brand product portfolio, number one customer-centric channel and strong team, its time to move on with a sense of achievement and pride to new dreams and newer horizons,” said Srivastava in a text message.
“Our association with Mr. Srivastava has been mutually enriching. He has immensely contributed through the years, leading the company to stay ahead. We wish him the very best in future endeavors,” Y.K. Koo, managing director, Hyundai Motor India Ltd.
Before Hyundai, Rakesh Srivastava worked with Maruti Suzuki India Ltd for almost 15 years. He is an alumnus of Indian Institute of Management (IIM), Ahmedabad.
Editor's Picks »
- Pidilite’s shares hold their ground despite weak rupee and rising crude
- Automobile sector shares trip on rising risks to earnings growth
- Steel companies are taking a shine to their home market
- Investments in HDFC AMC shares are subject to regulatory risks
- Spot electricity prices: Seasonal spikes becoming structural issue