Rakesh Srivastava, the man behind Hyundai Motor India Ltd’s (HMIL) success story, resigned from the company on Wednesday. He is believed to be joining BMW Group India as President.
HMIL confirmed his resignation as Director - Marketing and Sales, saying he has “decided to pursue other interests outside the organisation”.
“Our association with Srivastava has been mutually enriching,” YK Koo, MD and CEO of HMIL, said in a statement. “He has immensely contributed through the years, leading the company to stay ahead. We wish him the very best in future endeavours.”
HMIL, as well as BMW Group India and Srivastava, remained non-committal on his next step. Vikram Pawah of BMW Group India was recently appointed CEO of BMW Group Australia, and the company has been looking for a replacement.
“There is nothing like that (confirmation of joining BMW India). I seek many opportunities at many places. Before joining Hyundai six years back, I had four offers in hand. You should pursue as many opportunities as possible,” he told BusinessLine .
Asked if the move was sudden, he said: “I should have continued for as many years as possible, but you should plan your career very well. I will seek opportunities outside now.” He has seen HMIL grow from sales of 3.65 lakh units six years back to 5.55 lakh now, and the company is “strongly poised in the market”, he added.
While Srivastava said he had resigned on Wednesday and would serve his notice period, company sources said today was his last day in office.
Srivastava’s former colleagues as well as industry insiders see him as a “very focused and smart” person who makes well-though out moves. It had been expected that he would take up a bigger role in some ‘bigger’ company.
An ex-colleague who is now with a competitor, requesting anonymity, quipped that they track Srivastava’s moves “more than the sales numbers of Hyundai every month”.
An alumnus of IIM-Ahmedabad, Srivastava had been with Maruti Suzuki India (erstwhile Maruti Udyog Ltd) from 1996 to 2012 before joining HMIL as Vice-President - Sales.