Luxury car maker Jaguar Land Rover’s CEO Thierry Bolloré has resigned citing personal reasons. He will step down on December 31.
JLR’s parent company Tata Motors informed the Bombay Stock Exchange (BSE) on Wednesday that Adrian Mardell will be the interim CEO from Wednesday. Mardell has been part of Jaguar Land Rover for 32 years and a member of the Executive Board for three years.
“I am immensely proud of what we have achieved together at Jaguar Land Rover over the last two years. The company’s transformation and acceleration towards a sustainable, profitable future as a modern luxury business is underway at great pace. I would like to thank the whole team for their dedication and passion and I wish the entire organisation the very best for the future,” said Thierry Bollore.
“I want to thank Thierry for everything he has done at Jaguar Land Rover. The foundations for a successful transformation have been laid, leaving the company well poised for the future,” said Chandrasekaran, Chairman of Tata Sons, Tata Motors and Jaguar Land Rover plc.
JLR had appointed Bollore as CEO in 2020 in a bid to return UK’s biggest automaker to profit after it took a big hit from the pandemic. Prior to that Bollore was the CEO of Renault. Within months after taking over as the chief of Jaguar Land Rover, Bolloré unveiled the automaker’s global strategy — ‘Reimagine- with a target to become an all-electric luxury brand from 2025. But supply chain issues has been plauging the luxury auto segment. The loss of production has even resulted in a loss of market share for JLR. However, Bollore managed to bring the company back on track over the past few quarters. JLR revenue during the second quarter, which ended September 2022, was up 36 per cent y-o-y and 20 per cent q-o-q at £5.3 billion. The products have an order book of 2,05,000 units with its three most profitable models — the new Range Rover, new Range Rover Sport and Defender — which account for over 70 per cent of the order book.