Manufacturer of popular utility vehicles, Innova and Fortuner, Toyota Kirloskar Motor Pvt Ltd (TKM) has announced restructuring of its senior management team today. As part of the new organizational hierarchy, which will come into effect from 1 January 2020, the company said that its current deputy managing director for sales and marketing, N Raja would assume the role of managing director at Toyota Financial Services India (subject to board approval).
Raja has been with TKM for the last seven years.
“With this, the company aims to further strengthen the objectivity and agility of the senior management team at various functional drives," it said in a statement today.
Meanwhile, Raju. B. Ketkale is now promoted as the deputy-managing director for a newly formed function of manufacturing. He previously worked as senior vice president and director at TKM, where he looked after product design and development and quality assurance.
Alongside, Naveen Soni, who served as vice president, external affairs, corporate social responsibility and public relations at TKM, is now promoted as the senior vice president for sales and customer service functions. Filling his shoes would be Vikram Gulati, who served as country head and vice president, external affairs in India. He would assume his new role as senior vice president to overlook external affairs, corporate social responsibility and public relations.
“In our efforts to achieve sustainable growth and enhance competitiveness, we are excited to announce the key structural changes within the company to strengthen operations and enhance focus on the growth of our workforce and the company," said Masakazu Yoshimura, Managing Director at TKM.
The company said that these changes would boost the alignment of resources for better optimization alongside enhancing efficiencies across operations.
Analysts see the move as a step to consolidate the business via strengthening the financing arm and thereby drive retail sales as the market prepares for anticipated price hikes under the incoming BS VI regime.
Last month, Toyota Financial Services India had launched a new service named ‘tatkal loan’ to fast track loans for purchase of cars, offering approvals within thirty minutes. It said that customers can get tatkal loan of up to 85% of the vehicle’s ex-showroom price.