Lotus has confirmed that chief executive Dany Bahar has been dismissed with immediate effect.
Bahar was suspended from his £1.2m position two weeks ago by DRB-Hicom – the Malaysian conglomerate which owns Lotus – following a complaint about his conduct.
In an official statement, Group Lotus said: “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.”
Aslam Farikullah, who has 26 years' experience in the automotive industry, has been announced as the company’s chief operating officer with immediate effect.
In recent months, there has been speculation that Lotus - which had planned to launch a new Esprit in 2014 -would be sold to a Chinese company.
But Dato' Sri Haji Mohd Khamil Jamil, group managing director of DRB-HICOM Berhad, 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."