Forster, who joined Tata Motors in 2010, will stay as a non-executive member on the company’s board, the Mumbai-based Tata Motors said in an e-mailed statement today.
India’s biggest automaker by revenue hired Forster from General Motors Co. (GM) where he was head of European operations.
According to Deepesh Rathore, managing director for IHS Automotive in India, Tata Motors’ American depositary receipts pushed 9.2 percent to $15.35 yesterday in New York. Forster’s resignation is a ‘setback’ as the company struggles to enhance sales at home in India, whereas the debt crisis in Europe slows demand for Jaguar cars.
Prakash Telang, managing director of the company’s Indian operations, and Ralf Speth, chief executive officer of Jaguar Land Rover, will signify their respective units on Tata Motors’ board, according to today’s statement.
Chairman Ratan Tata said in an e-mailed statement that “The board respects Carl-Peter’s personal circumstances that led to this move. We would like to thank him for his contributions to the successful development of our company.”