Bahar Suspended

[hedgerley]

I think we have to be grounded by the facts we know to date (if memory serves) -

• DB has been suspended due, according to some reports, to problems with his expenses following a complaint raised by DRB on the back of the reviews they instigated,
  
• DRB have clearly stated they have no intention of selling Lotus,
  
• A full operational review of Lotus' current performance and future plans has been undertaken by independent third parties (Rothschild and Ernst & Young) which recently concluded. Their initial findings were presented to DRB's Board two weeks ago but nothing is yet in the public domain, apart from DB's suspension,
  
• Neither DRB nor Proton (and for that matter Lotus) have yet to announce the conclusions of the audit nor their plans for the future,
  
• Some of the banks involved in the funding of Lotus' future plans have claimed some financial covenants underwritten by Proton have been breached,
  
• DRB have stated they will continue to support and fund Lotus' day to day activities, including the development of the new Esprit along with the new V8 and gearbox, until they announce their conclusions.
  

I think its important to note the reason for DB's suspension - it is NOT about his execution of the agreed and funded 5 year plan. Indeed DRB have stated he is welcome back should the accusations prove to be false. This indicates to me that they are reasonably happy with his performance to date 'on the job'. After all, Lotus Group's turnover has increased 39% since 2009 and the key milestones in the first 2 years of the 5 year plan (new track, new trim shop, new factory, rmotorsport etc) have been delivered on time. And three new derivatives have appeared in the last year, all receiving rave reviews and significant order volume. Whilst some argue that these were in the pipeline anyway, their development and delivery have happened on DB's watch. Operationally, DB has done a pretty good job, as have the highly talented team he brought on board 3 years ago.

Whilst we have all speculated about the future (me included), the fact is we have no idea, at this time, about what DRB may or may not do with Proton's 5 year plan for Lotus. I suggest we wait for the official announcement.

[Moxie]

That's no fun. I say we crowdsource our own official announcement and see if we can fool some autosport mag in to publishing it, then sit back and watch the chaos erupt.

[Bibs]

• DB has been suspended due, according to some reports, to problems with his expenses following a complaint raised by DRB on the back of the reviews they instigated,
  

He's been suspended for a conduct issue. Any mention of expenses is pure speculation.

[hedgerley]

He's been suspended for a conduct issue. Any mention of expenses is pure speculation.

You see, even I got sucked in. And there I was trying to stay grounded.

[73JPS]

Has it not been two weeks yet?

[Bibs]

Tomorrow.

Goes to show Mark that if you see something enough times you take it 'as read'.

[molemot]

Mr. Heath never disappoints, does he?(!)

[rocket63]

You big bunch of speculators. Im orf to Le Mans. Bibsy, drop me line when your there if you be goin We will be in Houx again

[Bibs]

Enjoy your portable hotel room mate!

[Bibs]

Bahar Dismissed

Norfolk, 7 June 2012 - Group Lotus plc ("Lotus" or the "Company") can today confirm that, Mr Dany Bahar has been terminated from his employment as Chief Executive Officer of Lotus with immediate effect.

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 Company today also announced the appointment of Mr Aslam Farikullah as the Company's Chief Operating Officer with immediate effect. Mr Aslam, aged 51, has over 26 years working experience, most of which was in the automotive industry. He graduated from University of Bath, England with a Bachelor of Science (Hons) in Engineering. A British permanent resident, Mr Aslam and his English wife of 27 years have three children aged 26, 22 and 16.

Dato' Sri Haji Mohd Khamil Jamil, Group Managing Director of DRB-HICOM Berhad and also Chairman of Lotus 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. I look forward to bringing mutual benefits to not only DRB-HICOM and PROTON Holdings Berhad but also the Lotus Group and its employees as well as contribute to the growth of the British automotive industry."

[Laura]

That quote goes a long way to promote the 'British-ness' of Mr Aslam, anyone would think the great British public were a bunch of xenophobes.... oh

[Bibs]

More about him...

Encik Mohd Aslam bin Farikullah has been Head of Vehicle Manufacturing Projects at DRB-HICOM Bhd since April 2010. Mr. bin Farikullah served as Head of Manufacturing & Engineering and Executive Officer of DRB-HICOM Bhd and also served as its Head of Enterprise Quality & Improvements since 2008. He started his career as Assistant lecturer in uTM. He joined the corporate world through Airod Sdn. Bhd. where he started as Quality Engineer in 1986. In 1989, he worked in England initially as Project Engineer with AE Auto Parts and in 1991, Encik bin Farikullah worked at Denso Marston where his last held position in 2007 as Product Technical Manager, was responsible for automotive engineering solution. He joined DRB-HICOM in 2007 and was seconded to Isuzu HICOM Malaysia Sdn. Bhd. (formerly known as Malaysian Truck & Bus Sdn. Bhd.) as the Chief Operating Officer. Concurrently, he also served as the Chief Operating Officer of HICOM Automotive Manufacturers (M) Sdn. Bhd. (formerly known as Automotive Manufacturers (M) Sdn. Bhd.). He serves as a Director of ZF Steerings (Malaysia) Sdn. Bhd. Mr. bin Farikullah graduated from university of Bath, England with a Bachelor of Science (Honours) i in Engineering and is an Associate Member of the Institution of Mechanical Engineers United Kingdom.

[hedgerley]

Personally I think this is a real shame. His vision for Lotus was one I had bought into although given the questions over the financing of his plans I expected DRB to clip his wings, not get rid of him altogether. Whatever the reason it must have been serious - the worry is that DB decides to appeal and once again Lotus gets dragged through the courts.

[TBD]

I fully agree on DB's vision and commitment, but I think this was inevitable. Good to see that there is finally a conclusion.

I find the statement "as we take the Lotus Group to the next level to remain relevant in the global automotive industry" to be very comforting.

Let's all support this step to the next level. Gentleman, start your orders for an Esprit!

Edited June 7, 2012 by TBD

[DarrylV8]

Yes I also agree Mark, a big shame if it was to do with the huge investment; surely there were otherways of dealing with DB

I really do hope that the new guy keeps to bringing the new Esprit out and we dont go for another new review etc etc

Hope this is the end of the cull and all the big names who DB has brought in can & will stay

Good luck Mr Aslam

[chipp]

Yes DB gave us all something to get excited about with the new models but its good that this might now be resolved and after all of the turmoil we might be given insight into the renewed direction soon. I do hope its much of the same, lets wait and see.

chipp

[gtornes78]

So Bahar is out, and Lotus get a New COO. Will be interesring to see when and who is put in Place as New CEO..

[NedaSay]

I'll join the ranks of those hoping to see DB's plan carried on... Esprit needs to see the light of day or Lotus will be a goner! Elite should also be produced as it shares so much with Esprit! Finally Lotus will probably not make it without a sub 40,000 USD in the range!!! So maybe I'm hoping for a four model range Elige, Evora, Esprit Elite!

[Suddabym]

Flippin' eck

[oneshot]

Hmm

The guy has an engineering degree and is still only an Associate member of IMechE???

I would expect him to be a fellow if he has that much pedigree in the British manufacturing industry.

[rocket63]

Lotus are well on their way to obscurity and oblivion. Their halycon days are long gone, if there ever were any. If it wasn't for the Elise they would have been dead and buried years ago. They cant sell the Evora for love nor money and it is pig dog ugly. They have no creditable models to compete in their market sector. The engineering arm will survive and rightly so.

RIP Lotus cars.

[Suddabym]

Am putting money on this new guy (COO) being groomed to become the CEO pretty pronto. Sounds like there's a plan nestling under all this and I think it may now be surfacing.

Hope they do stick with the other plan. The one that was a bit hairy-chested, but at least had some cars in it. I liked that one. It had cool cars and awesome Motorsport to be proud of and even thousand pound leather jackets. And actual quality and even vision and courage and balls. But mainly it was the cool cars. Man, that Elite sure was something. Imagine it with the hybrid tech that they've already developed, and KERS, and a folding roof. Wow.

Am now - for the first time - declaring a Three Purple Alpha emergency and deploying to my nuclear bunker. This is when it has the potential to go properly badly pear-shaped.

Wake me when it's over.

When someone who cares buys the marque.

Right, am off to check my ORP and puritabs.

Sudders

[mdavies]

The guy has an engineering degree and is still only an Associate member of IMechE???

I concur. The question is whether he just hasn't got around even to full Membership and Chartered status - the forms and procedure are rather a drag, and always more urgent things to do - or whether he is not sufficiently qualified. Given his prior roles, he surely passes the "responsible experience" tests! Now he needs to do so - for the sake of Lotus' honour. Can't have a junior running the show, dammit.

[fmxa]

Next big question is will all the folks DB brought in (Coco, Zimmerman etc) stay or go?

[yeller77]

The king is dead, long live the king!

I volunteer to be in the first focus group!