It was a sad weekend for not only Tata Motors but the motor industry as a whole after reports came in that the managing director of Tat Motors, Karl Slym, died in a hotel in Bangkok over the weekend. Slym was doing his best to turn around Tata Motors, which has been struggling. This is the same company that owns the UK luxury car brand Jaguar Land Rover.
One thing is for certain, the death of Slym has rattled investors. After news of his death was announce, shares for Tata Motors fell by 5 percent. This just goes to show how much faith investors and the company in general had in Slym.
In a recent company statement from Tata Motors, the company said that it regrets to announce that Slym has suffered an untimely demise in Bangkok over the weekend. He was just 51 years old. Tata Motors will miss him.
According to local reports, Slym died after he fell from one of the high floors at the Shangri-La Hotel. He was staying at this hotel while he was attending a board meeting in Bangkok, which is one of the areas of the world that Tata Motors has a presence in. Local authorities are still investigating just what happened. So far, Thai police have released very little info to the press. Tata Motors said that it is not able to provide any further details on the matter, but it will help the police in any way that it can.
Although Slym was UK-born, most of his professional career has involved India. He had a lot of experience in the global automotive marketplace, and this is why Tata Motors brought him on board to turn things around.
The chairman of the Tata conglomerate, Cryus Mistry, said that Slym had joined the Tata family in October 2012. During this short time, he had become a very valued colleague. He was able to provide the Tata family with strong leadership, which is just what the motor division needed. Right now is a challenging time for the auto industry in India.
When Tata appointed Slym, it really wanted him to turn around its auto division in India. It brought him on board when India was showing a huge decline in car sales. This was odd because India was once the world’s fastest growing market for domestic cars. During 2013, India finally saw a downturn in the number of domestic cars that were being purchased for the first time in more than a decade.
The director of Emerging Markets Automotive Advisers, Deepesh Rathore, said that this is tragic news for not only his company but for Slym’s family. The last few years have been really bad for Tata Motors. This goes double when people look at the domestic passenger car marketplace. If there was anyone who was going to be able to turn things around, it was Slym. He was a fighter, and he knew what had to be done.