Autoblog

Lotus Esprit cancelled? [UPDATE]

Chris Paukert — Thu, 04 Oct 2012 19:28:00 EST

Filed under: Concept Cars, Coupe, Performance, Lotus, Earnings/Financials, Rumormill, Luxury

Two years ago, we were gobsmacked when humble Lotus shocked the automotive world by wheeling out no fewer than five new models - admittedly in various stages of development - at the 2010 Paris Motor Show. The ambitious onslaught of new sheetmetal came at the behest of then-CEO Danny Bahar who aimed to broaden the British marque's appeal by dramatically expanding its portfolio. Bahar was later thrown out by new Malaysian owners DRB-Hicom in a management shakeup that seems to still be, well, shaking out. Bahar was deposed over accusations of financial wrongdoing and the controversial executive has fired back with a $10.6M lawsuit.

Against this chaotic background, a cornerstone of Lotus' revival plans hinged on the rebirth of its Esprit supercar (shown in 2010 concept form above). According to new reports, however, the Esprit has been cancelled, a victim of the company's uncertain finances and direction. Depending on which rumor you choose to believe, the two-seat coupe was slated to receive a house-built V8 and possibly turbocharging or hybrid power. That may all be moot now, however, as DRB-Hicom is reported to have scrapped Bahar's plans wholesale, a development that apparently includes killing off the mid-engined Esprit, too.

UPDATE: And this, friends, is why we have this story with a question mark and a Rumormill tag - Lotus is denying that the Esprit has been killed off.

Lotus Esprit cancelled? [UPDATE] originally appeared on Autoblog on Thu, 04 Oct 2012 19:28:00 EST. Please see our terms for use of feeds.

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Former CEO Bahar files $10.6M suit against Lotus

Jeff Sabatini — Mon, 27 Aug 2012 17:32:00 EST

Filed under: Government/Legal, Hirings/Firings/Layoffs, Lotus

File this one under "not surprising in the least." Fired Lotus CEO Dany Bahar is reportedly suing his former employers for some $10.6 million, claiming that the automaker and its Malaysian owner, DRB, broke the law when they dismissed him. According to a report by Bloomberg Businessweek, DRB and Lotus will defend themselves in court rather than settling, including filing a countersuit against the former top executive.

Bahar, 40, was canned on June 7, about two weeks after Lotus suspended him pending an investigation into his conduct. The report cites a Kuala Lumpur stock exchange filing as its source of the information; the filing also indicates that DRB has decided against selling Lotus, despite continuing losses.

Former CEO Bahar files $10.6M suit against Lotus originally appeared on Autoblog on Mon, 27 Aug 2012 17:32:00 EST. Please see our terms for use of feeds.

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Dany Bahar to sue Lotus over dismissal

Jeremy Korzeniewski — Mon, 18 Jun 2012 16:31:00 EST

Filed under: Europe, Government/Legal, Hirings/Firings/Layoffs, Lotus, Earnings/Financials, UK

Lotus and parent company DRB-Hicom haven't offered much commentary on the suspension and eventual firing of former CEO Dany Bahar. European newspapers and websites, on the other hand, have been having a field day reporting on various financial missteps rumored to have taken place with Bahar at the helm.

Amidst reports that Bahar was fired due to the misappropriation of company funds for personal reasons, Swiss newspaper Bilanz (via MSN UK) is now claiming that Bahar plans to sue his former company for wrongful termination. The paper reports that Bahar denies the allegations made against him and will file suit in London's High Court.

As you might expect with litigation in the offing, neither Bahar nor Lotus are commenting on the report.

Dany Bahar to sue Lotus over dismissal originally appeared on Autoblog on Mon, 18 Jun 2012 16:31:00 EST. Please see our terms for use of feeds.

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Lotus fires CEO Dany Bahar amidst controversy

Jeff Sabatini — Fri, 08 Jun 2012 13:31:00 EST

Filed under: Hirings/Firings/Layoffs, Lotus

Lotus has fired CEO Dany Bahar and appointed Aslam Farikullah as the company's Chief Operating Officer, effective immediately. The move was unsurprising, as an investigation into Bahar's expenses had led to his suspension last week.

The 51-year-old Farikullah is said to have over 26 years of professional experience, most of it in the auto industry, according to a statement issued by Lotus.

Lotus didn't offer any explanation or provide any details about the Bahar scandal, telling Car that his dismissal was confidential. Other reports indicate that he was, in fact, fired for misuse of company funds, something that European regulators take a dim view of.

Scroll down to read the brief statement from Lotus.

Continue reading Lotus fires CEO Dany Bahar amidst controversy

Lotus fires CEO Dany Bahar amidst controversy originally appeared on Autoblog on Fri, 08 Jun 2012 13:31:00 EST. Please see our terms for use of feeds.

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Lotus in search of new buyers?

Noah Joseph — Wed, 01 Jun 2011 16:02:00 EST

Filed under: Performance, Lotus, Earnings/Financials

Lotus CEO Dany Bahar and Toyota president Akio Toyoda

There's no question that Lotus needs to sell more cars if it is to survive in an industry rapidly centralizing into major groups. But when CEO Dany Bahar talks about looking for new buyers, he's not talking about selling cars. He's talking about selling the company itself.

Of course, Lotus is not Bahar's to sell, strictly speaking. The company belongs to Proton. But the Malaysian state automaker may not have the necessary resources to provide Lotus with the synergies and shared development which Bahar identifies as crucial to Lotus' future success.

A new report from Inside Line quotes Bahar as saying that Lotus may need to partner with a larger automaker in order to develop into a serious player in the sportscar business. All eyes are on Toyota, the Japanese automaker whose engines and other components Lotus currently uses.

The partnership could emerge as something akin to what Aston Martin is fostering with Daimler - that is to say, some sort of an alliance that does not involve selling the company - or could result in the brand being sold, lock stock and barrel, to the auto giant. One way or another, Lotus probably can't go it alone.

Lotus in search of new buyers? originally appeared on Autoblog on Wed, 01 Jun 2011 16:02:00 EST. Please see our terms for use of feeds.

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Ferrari brand guru Dany Bahar poached as new Lotus CEO?

Noah Joseph — Wed, 02 Sep 2009 09:00:00 EST

Filed under: Hirings/Firings/Layoffs, Lotus, Ferrari

Dany Bahar presenting the new Ferrari 458 Italia

Ferrari has announced some changes in senior management, including the appointment of Sebastiano Rio as its new industrial director. But the real news that has people talking is the departure of Dany Bahar.

After years as Red Bull chief Dietrich Mateschitz's right hand, Bahar moved to Ferrari two years ago to head up its new Global Brand Department, working in parallel with the racing team and road car divisions to put those little prancing horses on everything from pencils to laptop computers. His resignation from Ferrari has generated reports that the marketing guru is moving over to Lotus to take the chief executive position vacated this past July by Mike Kimberley.

If the reports prove accurate, it would be the second senior executive to leave the Ferrari family for a competing British sports car-maker, following the departure of designer Frank Stephenson to head up the newly formed McLaren Automotive's design department. We'll have to wait for an official announcement from Lotus for confirmation, but in the meantime you can read Ferrari's after the jump. And get ready for Lotus baseball caps to flood the market.

[Source: Ferrari and Autosport]

Continue reading Ferrari brand guru Dany Bahar poached as new Lotus CEO?

Ferrari brand guru Dany Bahar poached as new Lotus CEO? originally appeared on Autoblog on Wed, 02 Sep 2009 09:00:00 EST. Please see our terms for use of feeds.

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Ferrari Gives Dany Bahar Wings

Noah Joseph — Mon, 07 May 2007 11:04:00 EST

Filed under: Motorsports, Hirings/Firings/Layoffs, Marketing/Advertising, Ferrari

As if Ferrari needed any help promoting its brand, they've gone and hired Dany Bahar. During his tenure at Red Bull, the intrepid Turk transformed the energy drink company from a simple sponsor into team owners, first acquiring Red Bull Racing from Ford when Jaguar's F1 team went bust, then going in on an unprecedented second team - Scuderia Toro Rosso - and even spearheading Toyota's entry into NASCAR in a team owned by... you guessed it, Red Bull. Bahar also orchestrated the deal that brought Ferrari power to Red Bull last season and to STR for 2007.

Bahar left Red Bull way back in February, and it didn't take long before the rumors of his defection to Maranello started flying around like a club-going teenager jacked up on taurine. Although the speculation initially indicated that Bahar would assume a role at the Scuderia, Ferrari announced that he'd be put in charge of a new department that will operate alongside the racing team and road-car divisions, and report directly to the CEO.

With the construction of the Ferrari World theme park already under way, the company's merchandizing efforts already seem to be at full tilt. It'll be interesting, therefore, to see what new direction Bahar takes the brand.

[Source: Italiaspeed]

Ferrari Gives Dany Bahar Wings originally appeared on Autoblog on Mon, 07 May 2007 11:04:00 EST. Please see our terms for use of feeds.

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