Karl Slym, managing director of Tata Motors passed away on Sunday after falling from a high floor of a hotel in Bankok.
Slym, 51, was there to attend a board meeting of Tata's Thailand unit in the Thai capital, a company spokeswoman said, giving no further details. A post-mortem report is due on Monday, she said.
Also Read: 'Twist' in Nano's journey: From cheap vehicle to city car
The untimely death of Slym could possibly be a major setback for Tata Motors' restructuring process. A native of Britain, Slym was hired in 2012 to revive the flagging sales and market share in the domestic business of the Tata conglomerate company.
"His death comes at a time when the company seems to be close to turning the corner, with new designs and a new petrol engine family, which hasn't been Tata's strong point," said a Reuters copy quoting Anil Sharma, an analyst with IHS Automotive.
Tata Motors recently unveiled its new 1.2-litre turbocharged petrol engine Revotron for its passenger vehicles and has been planning to launch a new hatchback and compact sedan this year, its first new branded passenger vehicles since 2010.
Slym was also working on sprucing up the Nano by making it more premium. Recently, Tata had launched a more expensive Nano Twist at Rs. 2.36 lakh that came with features like power steering, central locking, power windows and bluetooth connectivity.
Slym also led the automaker's operations in India and international markets, including South Korea, Thailand and South Africa, excluding the Jaguar and Land Rover (JLR) luxury unit that it acquired in 2008.
Slym "was providing leadership to the company through a challenging market environment", the company said in a statement on Sunday.
Prior to his assignment with Tata Motors, Slym was executive vice president of SGMW Motors, China, a General Motors joint venture. Before that he had headed General Motors in India.
(With Inputs from Reuters)
Tata Motors stock price
On January 27, 2014, at 11:14 hrs Tata Motors was quoting at Rs 352.60, down Rs 17.9, or 4.83 percent. The 52-week high of the share was Rs 405.00 and the 52-week low was Rs 252.10.
The latest book value of the company is Rs 59.47 per share. At current value, the price-to-book value of the company was 5.93.
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