Signalling its succession plans, Chennai-based TVS Motor Co today appointed Sudarshan Venu, son of its Chairman and MD Venu Srinivasan, as Joint Managing Director while daughter Lakshmi Venu will join the board as an additional non-executive director.
Sudarshan Venu (24), the younger of the two siblings, has been a whole time director of the company since February 2013.
"The company is steadily increasing its market share and the volume of its business. Global business has also been increasing. Sudarshan Venu as Whole-Time Director has been actively participating in the activities of the company and has considerably increased his engagement in and contribution to the progress of the company", TVS Motor Company said in a statement adding the appointments take effect from today.
"Under the circumstances, the board of directors of the Company has appointed Sudarshan Venu as its Joint Managing Director," it added.
He was earlier inducted into the board of Sundaram Clayton, the holding company of TVS Motor Company, as an additional director in September 2011.
Venu completed his graduation in 2010 from the University of Pennsylvania. Besides, he holds a Masters in the International Technology Management from the Warwick Manufacturing Group, an academic department at the University of Warwick in the UK.
In a filing to the BSE, the company said his appointment for the remaining period of his tenure is without any change in the terms and conditions and remuneration.
The company also said it has appointed Lakshmi Venu (31) as an additional non-Executive Director.
"Lakshmi Venu will serve as the woman director on the Board in compliance with the provisions of Companies Act and the Listing Agreement," the company said.
Last year, the board of Sundaram Clayton decided to give Venu, who is also the daughter-in-law of Infosys co-founder NR Narayana Murthy, additional responsibilities to explore business opportunities and expansion, both on domestic and global fronts.
She was appointed as "Director-Strategy" in the rank of Managing Director of the company for a period of five years from March 22, 2010 to March 21, 2015.
As part of bringing in the next generation on its Board, Sundaram Clayton Ltd - a TVS Group company - has elevated Lakshmi Venu and Sudarshan Venu, as its Joint Managing Directors with immediate effect.
Lakshmi Venu is the eldest daughter of TVS Motor Company Chairman and Managing Director Venu Srinivasan and TAFE Chairperson and Chief Executive Mallika Srinivasan. Sudarshan Venu is their son.
"The board of Directors, considering the increasing business of the company and its subsidiaries, has redesignated Dr Lakshmi Venu and Sudarshan Venu as the company's Joint Managing Directors with effect from today," said a statement from Sundaram Clayton.
Lakshmi Venu was serving the company as its Director- Strategy in the rank of Managing Director, while Sudarshan Venu was serving as its Non-Executive Director.
"Both of them will be functioning under the advice and guidance of Venu Srinivasan, the Chairman and Managing Director of the company", the statement said.
Yesterday, Sudarshan was elevated as Joint Managing Director of two and three wheeler manufacturer TVS Motor Company, while Lakshmi was appointed as Additional, Non-Executive Director of the company with immediate effect.
Part of the USD 5 billion two and three wheeler manufacturer TVS Group, SCL is a leading supplier of aluminium die castings to automotive and non-automotive sectors.