B V R Subbu quits Hyundai India

B V R Subbu, the face of South Korean auto major Hyundai in india, today announced his exit from the company - ending a nearly decade-long stint that saw the company emerge as the country's second-biggest carmaker.

Subbu, whose contract was set to expire on March 31, put in his papers today, calling it quits just when the company had embarked on a major expansion drive in India involving investments of $600 million to scale up production to 6,00,000 units by 2007 from the current level of 2,80,000 units.

"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 Hyundai Motor India 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.

H S Lheem, managing director of Hyundai India, termed Subbu's exit as "an irreparable loss," and said the company would always look up to his "professional guidance and support" in the future.