JLR CEO to step down at year-end

MUMBAI: Jaguar Land Rover chief executive officer Thierry Bollore would resign at the end of the year for “personal reasons”, the company announced on Wednesday, ending the automotive industry veteran’s struggles to return Britain’s biggest carmaker to profitability.

Bollore, who previously led French automaker Renault SA, took charge of JLR in September 2020 and was tasked with turning around the fortunes of the pandemic-hit luxury car maker.

Last year Bollore announced plans to turn Jaguar into an all-electric car brand by 2025, as a part of his ambitious “Reimagine” strategy.

But semiconductor chip shortages, volatile commodity prices and Covid lockdowns have continued to plague the carmaker, resulting in yearly losses since 2019.

Easing supply-chain bottlenecks and improved production of new Range Rover models drove revenues 36% higher in the September quarter, but JLR still posted a loss of £173 million ($209 million).

“I am immensely proud of what we have achieved together at Jaguar Land Rover over the last two years,” Bollore said in a statement.

“The company’s transformation and acceleration towards a sustainable, profitable future as a modern luxury business is underway at great pace.”

In a disclosure to Indian stock exchanges, Tata Motors Ltd — JLR’s parent company — said Adrian Mardell had been appointed interim CEO with immediate effect.

Tata Motors chair N. Chandrasekaran thanked Bollore, adding that the “foundations for a successful transformation have been laid, leaving the company well poised for the future”.