Rajiv Chaturvedi Joins DICV as President and Chief Business Officer

Key Highlights

• Rajiv Chaturvedi appointed DICV President and CBO

• Brings experience from Hyundai and Tata Hitachi

• Succeeds Sreeram Venkateswaran

• DICV sales dropped 23% in 2024

• Net profit rose fivefold to ₹1,787 crore

Daimler India Commercial Vehicles (DICV), the Indian arm of Daimler Truck AG, has announced the appointment of Rajiv Chaturvedi as its new President and Chief Business Officer (CBO). The announcement was made by Chaturvedi on social media, marking an important leadership change for the company.

Brings Strong Industry Experience

Rajiv Chaturvedi has over a decade of experience in the construction and commercial vehicle sectors. Before joining DICV, he spent five years at Hyundai Construction Equipment India. There, he led sales, after-sales, and parts distribution. Under his leadership, the company saw more than 20% annual revenue growth and a 200% increase in operating profit between 2022 and 2024.

Before Hyundai, Chaturvedi worked for nearly six years at Tata Hitachi Construction Machinery. He also served as Executive Assistant to the Managing Director, where he gained valuable experience in strategy and cross-functional operations.

Leadership Change at a Crucial Time

Chaturvedi replaces Sreeram Venkateswaran, who served as CBO from August 2023 to March 2025. Venkateswaran was a key figure in developing DICV’s India strategy and played a major role in strengthening the BharatBenz brand. His past experience also includes a leadership role at logistics startup Rivigo.

Chaturvedi takes over at a time when India’s commercial vehicle market is facing slower growth and rising competition. His appointment comes as DICV looks to maintain momentum and adapt to changing market needs.

DICV's Recent Performance

DICV saw a 23% drop in vehicle sales in the calendar year of 2024. It sold 21,434 units, down from 25,435 units in 2023. Despite this decline in sales volume, the company reported strong financial results. Net profit jumped five times to ₹1,787 crore in FY24, supported by high-margin products like tippers and tractor-trailers, a growing bus portfolio, and strong export performance.

Global Strategy Shift

DICV’s role in Daimler Truck’s global operations is also changing. India and China have been separated from the Daimler Truck Asia region. At the same time, a major merger between Mitsubishi Fuso and Hino Trucks is expected to reshape the group’s presence in Asia.

With these changes, Chaturvedi’s leadership will be vital in guiding DICV through its next phase of growth and aligning with Daimler Truck’s global strategy.

Focus on BharatBenz and Market Expansion

DICV is placing greater focus on increasing the market share of BharatBenz, especially in competition with Indian brands like Tata Motors, Ashok Leyland, and VE Commercial Vehicles. Chaturvedi’s strong background in the infrastructure and construction equipment sectors is expected to help strengthen BharatBenz’s position in the market.

Recent Top-Level Hiring at DICV

Chaturvedi’s appointment follows another key leadership change at DICV. In November 2024, Michael Moebius was appointed as President and Chief Procurement & Supply Chain Officer. Moebius earlier led quality management for Daimler Truck Asia in Japan.

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CMV360 Says

Rajiv Chaturvedi’s appointment as President and CBO marks a key leadership shift at DICV. With deep industry experience and proven results, he is expected to drive growth, strengthen BharatBenz’s market position, and align the company with Daimler Truck’s evolving global strategy amid challenging market conditions and increasing competition.