Ola Electric Mobility Pvt Ltd has appointed automobile industry veteran and former president of Hyundai India, BVR Subbu, as a board member. In another development, Sanjay Nayar, CEO of global private equity firm KKR, has resigned from the board of Coffee Day Enterprises Ltd (CDEL).
Hyundai exec joins Ola Electric board
Ola Electric Mobility Pvt Ltd has appointed automobile industry veteran and former president of Hyundai India, BVR Subbu, as a board member.
His appointment comes almost six months after Ola Electric appointed Arun Sarin, former CEO of Vodafone Group, as an independent director. Last month, the company also appointed former General Motors (GM) executive Jaime Ardila as a director.
“Subbu has played a key role in building and establishing some of India’s iconic automotive products like the ubiquitous Hyundai Santro and the Tata 2213. His deep understanding of the mobility space and consumers will be very valuable to us in our journey to build electric mobility for India and the world,” Ola cofounder and CEO, Bhavish Aggarwal, said in a statement.
Subbu brings with him around four decades of experience in the automobile sector.
Sanjay Nayar quits CDEL board
“…Mr. Sanjay Nayar, had resigned from the Board of Directors of the Company vide his letter dated November 11 , 2019 and the Board has accepted his resignation in the meeting held on November 13, 20 19,” the company said in a stock exchange filing on Wednesday without specifying the reason.
Nayar had joined CDEL’s board after KKR’s investment in the company back in 2010. KKR is one of the largest foreign private equity investor CDEL with a shareholding of 6.07 per cent.