Tata Motors Ltd. said former Daimler AG manager Marc Llistosella will not be joining as its next CEO as previously announced.
Guenter Butschek will continue as the company’s CEO and managing director until June 30, the company said in a filing Friday. It did not give any reason for the change of decision.
Llistosella, who headed Daimler Trucks in Asia, was to take charge effective in July, as previously announced on Feb. 12. A former Airbus SE executive, Butschek has been CEO since 2016.
Tata Motors topped expectations during the most recent quarter after struggling with falling sales and rising debt. The turnaround followed deep cost cuts and improved vehicle demand, while the manufacturer remains largely dependent on its luxury Jaguar Land Rover unit.
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