Lotus temporarily suspends CEO

Lotus temporarily suspends CEO

28/05/2012 in News, All News, Car Manufacturer News

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Lotus temporarily suspends CEO

Group Lotus chief executive Dany Bahar has been temporarily suspended pending an investigation into his conduct made by Lotus’ penultimate parent company, DRB-HICOM Berhad.

Lotus will not comment on the reasons behind the suspension, but reports from The Telegraph have linked the investigation to one of two homes rented by Lotus for Bahar.

In a statement, Lotus said: “As a result of a number of media inquiries, Group Lotus plc (“Lotus”) can today confirm that, following an operational review, chief executive Dany Bahar has been temporarily suspended from his role to facilitate an investigation into a complaint about his conduct made by Lotus’ penultimate parent company, DRB-HICOM Berhad.”

Lotus is being run by representatives from Malaysia during Bahar’s suspension period.

The latest development marks a further twist for Lotus which is waiting on parent company DRB Hicom to decide whether it will retain Lotus as part of the Proton acquisition it made this spring.

Bahar has previously hit out at the media speculation in April that he had left Lotus and the sports car marker was heading for administration.

Lotus launched a bold five-year plan in autumn 2010, spelling out plans for a five-strong range to turn the Norfolk-based company into a Ferrari rival. Model plans were delayed following DRB-HICOM’s due diligence process.

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Lotus registrations have been in a downward trend for the past 12 years and show little sign of improving.

Registrations for 2013 averaged little more than one car a month for each of its 14 dealers, although it was still a better year than 2012 and the ambitious new model plans revealed with unprecedented fanfare at the 2010 Paris Motor Show now seem like a surreal fantasy.

But the basic ingredients for a successful niche manufacturer are still there. The three-car line-up – the Elise, Exige and Evora – comes with proven Toyota power, offering driving enthusiasts more thrills per pound than almost any rival, and the engineering know-how found in the talented staff at its Norfolk HQ is legendary.

A £100 million investment from its new management, DRB Hi-Com, to fund new models, as well as a £10m government grant to help train more than 300 new staff, are welcome boosts. The turnaround can’t come soon enough.

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Comments (1)

Irishboy4 - 140 weeks ago

what a pity, his dinner parties were so much fun............

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