Following a suspension last month amid an investigation into misconduct--likely related to his use of company funds to extensively refurbish his several houses--Lotus CEO Dany Bahar has been fired, effective immediately.
The announcement, made in a release by Group Lotus, Plc, said the decision to fire Bahar was made by the company's board on the basis of the results of parent company DRB-Hicom's investigation. Bahar's removal marks the second automotive CEO to be done in by inordinate expenses recently, following Ernst Lieb's departure from Mercedes-Benz USA.
At present, no replacement for Bahar has been selected, but Aslam Farikullah has been appointed Group Lotus' chief operating officer, also effective immediately, presumably to run the day-to-day business until a suitable CEO can be found.
We'll keep you posted with more details as the story develops, but for now, DRB-Hicom says it remains committed to the future of the Lotus brand within the automotive industry.
(c) 2012, High Gear Media.
Loading...
Comments