On 28 July 2020, Tata Motors announced the appointment of Thierry Bollore as the new Chief Executive Officer (CEO) of Jaguar Land Rover (JLR). The appointment will be effective from 10 September 2020. He was ousted from Renault last year, on 11 October 2019.
Bollore will succeed Prof Sir Ralf Speth, who was previously announced as the Non-Executive Vice Chairperson of Jaguar Land Rover Plc. About six months after the announcement of Speths retirement from the post, Thierrys appointment came as the result of much brainstorming done by the company over the mooted question relating to the empty post.
It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation. Renowned for their passion and spirit, the people of Jaguar Land Rover are the driving force behind its success. I couldnt be more excited to join the team continuing to shape the future of this iconic company, Bellore said.
In September 2012, Bollore had joined the French automobile manufacturer Renault. A month after his joining, he was appointed as the Executive Vice President for Manufacturing and Supply Chain. Later, in 2013, he took the position of Chief Competitive Officer (CCO) of the company.
In February 2018, he became Renaults Chief Operating Officer (COO), and on 24 January 2019, he became the companys CEO. In addition to this, he was a member of the Groupe Renault Executive Committee.
Bollore will become the fourth CEO of JLR after its acquisition by Tata Motors 12 years ago. David Smith, Carl-Peter Forster, and Ralf Speth have been on the position previously.
Tata Sons chairperson Natarajan Chandrasekaran commented, I am delighted to welcome Thierry to Jaguar Land Rover. An established global business leader with a proven track record of implementing complex transformations, Thierry will bring a wealth of experience to one of the most revered positions in the industry.
JLR recorded a GBP 469 million net loss in the financial year 2020. It was preceded by GBP 3.32 billion net loss in the financial year 2019. Its retail sales were 508,659 vehicles in 2020, which is 12.1 percent less year on year, including a significant impact on sales in the last quarter as well as other market challenges. CJLR, the Chinese joint venture of JLR, recorded its first loss in the last five years.
Earlier the company recorded a 42 percent year on year decline in its retail sales at 74,067 vehicles for the second quarter. JLRs sports utility vehicles retail sales fell 38 percent when compared to the same period last year to 55,280 units, while Jaguar sales were at 18,787 units, down 53 percent year on year for the second quarter.
Tata Motors has decided to bring back capital expenditure at JLR by 45 percent, to GBP 2.5 billion, in the financial year 2021. It has claimed to improve the cost, profit, and cash-flow of GBP 600 million in Quarter4 and is targeting GBP 2 billion by March 2021.
