Subbu steps down as Hyundai chief

Hyundai Motor India (HMIL) today announced the resignation of its president BVR Subbu. His resignation will be effective from March 31, 2006, when his contract with the car maker comes to an end.

"I step down from the post of president, Hyundai Motor India, at the end of my term of office effective from March 31, 2006...I leave HMI with a sense of satisfaction at having helped to create and nurture a truly world-class organisation of exceptional promise," Subbu said in a statement.

A media release from the office of Heung Soo Lheem, managing director, HMI, said, "Hyundai will always look up to Subbu's professional guidance and support in future. Hyundai and BVR Subbu will explore opportunities for a continued professional relationship."

The company release also acknowledged Subbu's contribution to HMI success in the Indian car market, which started barely nine years ago and has managed to have a 19 per cent marketshare in the 1.12 million passenger vehicle market.

"Hyundai acknowledges Subbu's immense contribution from its very inception to the millionth car rolled out recently. Hyundai views Subbu stepping down from office as an irreparable loss," the release said.

While HMI in its release stated the company will look forward to working with Subbu, market has it that he might start his own venture capital firm, though the idea is still in a nascent stage.

A post graduate of the Jawaharlal Nehru University (JNU), Subbu is a product of the Tata Administrative Services.

After a 20-year long stint with the Tata Group, working for the group's vehicle manufacturing company, Tata Motors (then Telco), Subbu joined Hyundai as director-marketing & sales in 1996. He was promoted as the president of the company six years later.