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Ford's Indian-American head steps down after misconduct allegations

Indian-American Raj Nair, executive vice president and president of Ford North America, is stepping down from his post effective immediately following misconduct allegations.

Nair, who has held various positions with the automobile giant since 1987, said he regretted instances where his actions were not in tune with the company's policies.


"I sincerely regret that there have been instances where I have not exhibited leadership behaviors consistent with the principles that the Company and I have always espoused. I continue to have the utmost faith in the people of Ford Motor Company and wish them continued success in the future," Nair said in a statement.

Ford President and CEO Jim Hackett also said the decision to let Nair go was taken after careful consideration and thorough review. "Ford is deeply committed to providing and nurturing a safe and respectful culture and we expect our leaders to fully uphold these values," he said.

Hackett became the CEO of Ford in May 2017, and this is the second time he has had to issue a statement regarding a high-profile scandal. In December, a New York Times investigative report revealed sexual harassment and abuse at two of the company’s factories in Chicago.

Following this, Hackett penned an open letter to employees saying he apologizes for harassment and discriminatory conduct his colleagues were subjected to. "On behalf of myself and the employees of Ford Motor Company, who condemn such behavior and regret any harassment as much as I do, I apologize. More importantly, I promise that we will learn from this and we will do better," he said.

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ITC Hotels' shares closed flat at Rs 207.80 (£1.73) on the NSE on Thursday

itchotels

British American Tobacco to sell stake in Indian hotel chain

Highlights

  • BAT to sell between 7 per cent and entire 15.3 per cent stake in ITC Hotels via block deal.
  • Proceeds will help company achieve target leverage range of 2-2.5x by end of 2026.
  • BAT acquired stake following ITC Hotels' demerger from parent company ITC in January 2025.
British American Tobacco announced on Thursday it plans to sell its stake worth about $776 m (£580 m) in in ITC Hotels through an accelerated bookbuild process, as the tobacco group moves to reduce debt on its balance sheet. BAT intends to offload between 7 percent and its entire 15.3 percent shareholding in the Indian hotel chain.

The company's wholly owned subsidiaries, Tobacco Manufacturers (India) Limited, Myddleton Investment Company Limited and Rothmans International Enterprises Limited will conduct the block deal with institutional investors.

The final number of shares sold will be determined to optimise overall pricing outcome for the group, BAT said. Funds raised from the transaction will help the company transition to its target leverage range of 2-2.5x adjusted net debt to adjusted EBITDA by the end of 2026.

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