TVS Electronics, part of the 100-year-old TVS group, has appointed Hewlett-Packard and Acer veteran Jonnavittula Naramsimha Sastry ( JN Sastry) to implement a turnaround plan which will see the company re-emerge in a new avatar.
The blueprint for the transformation involves totally new product and service lines as well as a manufacturing facility near Chennai for the 25-year-old company. “We were missing strong leadership for the operations. That is what we are getting now,” said Gopal Srinivasan,chairman,TVS Electronics.
TVS Electronics results of the past few years have been unenviable. In 2010-11, it barely managed to avoid a net loss on sales of Rs 183 crore. The previous two years, it had clocked slightly higher revenues of Rs 195 crore – but on both occasions it ended in the red.
This was why the company put together a three-member panel – made up of former KPMG India head Narayan Seshadri, former HP India MD Balu Doraisamy and Srinivasan – to discuss ways to transform the company. The appointment of Sastry is one result of that.