 "Seshasayee resigns as vice-chairman of Ashok Leyland")
Ashok Leyland informed the National Stock Exchange that the company board has accepted his resignation with effect from July 28, 2016. The company did not give any reasons why he resigned and Seshasayee was not available for a comment immediately.
The veteran of commercial vehicle industry, Seshasayee held various positions in the Hinduja Group, including the managing director of Ashok Leyland for 13 years from April 1998 to March 2011. Then he became the executive vice-chairman of Hinduja Group.
He joined Ashok Leyland in 1976, rose to become the executive director - finance in 1983 and was elevated to deputy managing director in 1993 and managing director in 1998. He became the executive vice chairman of Ashok Leyland in 2011, and is presently the non-executive vice-chairman of the company.
During his tenure as the managing director from 1998-99 to 2010-11, Ashok Leyland's turnover increased five times from Rs 2,045 crore to Rs 12,093 crore, net profit 30 times, and market cap 14 times.
He also led the company towards self-reliant, to build global technology and diversification, with acquisitions and joint ventures.