Lotus CEO Dany Bahar fired
Following his suspension two weeks ago, Group Lotus CEO, Dany Bahar, has been terminated with immediate effect.
The announcement follows an investigation of Bahar for misconduct in the use of company funds and subsequent suspension. Unconfirmed reports relate the misconduct of Bahar to the use of company money to refurbish his various personal homes, though this is still unconfirmed.
Bahar was responsible for Lotus’s ambitious plans for the next five years, which many thought were completely unachievable. Firstly there was the announcement of 6 new models to be created and launched, which would be hard going for a large multinational car company let alone a small sportscar manufacturer. Although unrealistically ambitious we all hoped at least one of the models – the new Esprit – would still come to light, and we believe this will be the case as the car is a long way into the development of the car and new engine to just throw away. The company’s motorsport activities, which placed Lotus in one form or another in most major motorsport series, look much less likely to continue.
According to a press statement made by Lotus yesterday, "The decision was made by the Board of Group Lotus Plc following the results of an investigation into a complaint made against him by the company's penultimate holding company, DRB-HICOM Berhad."
The removal of Bahar comes amid persistent speculation that Group Lotus' owner DRB-Hicom is looking to sell Lotus despite repeated denials.
Group Managing Director of DRB-HICOM, Dato' Sri Haji Mohd Khamil Jamil, said, "I would like to assure you that we remain committed to ensure the ongoing and future business operations of the Lotus Group as we take the Lotus Group to the next level to remain relevant in the global automotive industry."
Aslam Farikullah has been announced by Group Lotus as the new CEO. We should hear soon what the new CEO plans to do with the iconic British sportscar manufacturer.
Images courtesy of Group Lotus Plc