Nissan Motor India has announced the elevation of Saurabh Vatsa as the new Managing Director (MD) of the company effective April 1, 2024. He will succeed incumbent MD Rakesh Srivastava who retires on March 31, 2024.
It was on January 15, Vatsa was appointed as Deputy MD by the company on January 15. Upon elevation to the role of MD, he will report to Frank Torres, President, Nissan India Operations and Region Divisional Vice President of Business Transformation (AMIEO).
The company says under the stewardship of Srivastava, Nissan Motor India saw the introduction of the bestseller Magnite B-SUV in India. The Magnite since introduction in 2020 has achieved cumulative domestic sales of over 100,000 SUVs as of February 2024. The company has also won the prestigious Global Nissan President Award for Project Magnite in 2020 and for the Nissan India Business Transformation Plan in 2022 during his tenure.
Nissan Motor India thanked Rakesh for his contributions and leadership of the brand wishing him the very best for the next phase of his career.
Frank Torres said, “Rakesh has been a key member of our India leadership team. We thank Rakesh for his exceptional leadership, tenacity, and wisdom in leading the company through turbulent times including the Covid-19 pandemic while contributing to the turnaround of India business operations. As we transition into a new phase of the transformation plan for India, we are assured of having an experienced and insightful leader in Saurabh Vatsa. He will build on the foundation laid by Rakesh and spearhead our next phase of growth as we prepare to deliver on the MTP and enter FY24.”
Saurabh Vatsa said, “I am excited to be part of Nissan at this crucial juncture of our growth plans in India. India presents a complex and challenging market, and Nissan, with its global brand stature, rich legacy, and cutting-edge technology is poised to deliver on this promise. We are constantly pushing the boundaries on ‘what’s next’ and our daring spirit of innovation is what sets us apart. We intend to deliver on the ongoing business transformation plan in preparation of the MTP which includes a new product portfolio and enhanced customer centricity.”
Nissan had committed to invest Rs 5300 crore ($600 million) in India as part of the Alliance and introduce more products in the country as part of the transformation plan in 2023.
