Former Ford India MD To Replace Chetan Maini As Reva CEO

Chetan Maini, the founder of electric car company Reva, has resigned as the chief executive officer (CEO) of the firm, which is now owned by Mahindra & Mahindra. Arvind Mathew, former managing director of Ford India, will take over as the new CEO of Reva on May 1.

The outgoing CEO had set up Reva as a joint venture with the Maini Group, founded by Sudarshan Kumar Maini, in 1994.

"I may take up a position within the Mahindra Group or may even look outside. To be honest, I have still not decided," Maini, 44, told The Economic Times.

Although Maini is quitting as CEO, he will remain as a shareholder in the company. "I will continue to be a shareholder, while Arvind will look after the day-to-day operations at the company. I ran the company for 20 years. I will figure out what I want to do next," he added.

Maini's stake in the company has come down to 3.57% from 5.5% since M&M acquired Reva.

The stake owned by Maini Group’s Sudarshan Kumar Maini has also declined from 18.43% at the end of FY2010-11 to 11.94% in FY2013-14.