Lavasa Corp’s president & CEO Uttam Dave steps down within a month

President and chief executive officer of Lavasa Corporation Ltd, Uttam Dave has stepped down from his position just after joining the company a month ago, as per his LinkedIn update.

When contacted by VCCircle, a spokesperson of Lavasa said that Nathan Andrews has been the president and chief operating officer of Lavasa Corporation since January 2014: “Dave's appointment was on a mutual trial basis from mid October to mid November, given his family commitment, which was Delhi based, allowing them to adjust to the new environment. Given the family's discomfort with the new city, he decided to not continue in Mumbai and shift back to Delhi,” he added.

Attempts made to reach out to Dave to understand the reason of the resignation, did not elicit any response till the time of filing this report.

Previously, he worked with InterGlobe Hotels where he spent nine years as president and chief executive officer. He has worked with Accor Hotels as head of development for seven years and he also worked for five years with Pannell Kerr Forster Consulting as president and chief executive officer.

This development comes at a time when Lavasa has just received nod from Securities and Exchange Board of India (SEBI) to float its maiden public issue to raise Rs 750 crore ($125 million).

The company, a subsidiary of Hindustan Construction Company (HCC), had filed for its initial public offer in July this year, four years after a previous attempt did not materialise.

The firm, which had previously hit headlines over alleged violation of environmental norms, has cut the proposed size significantly to just a third of the original proposal where it sought to scoop up Rs 2,000 crore.

The company is currently engaged in the development and management of Lavasa, a hill city development in Maharashtra.

(Edited by Joby Puthuparampil Johnson)

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