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Jaguar Land Rover chief to step down in September

Jaguar Land Rover has confirmed its chief executive Ralf Speth will stand down in September.

His departure comes after 10 years in charge of the car maker. He will become a non-executive vice-chairman of the business.

Chairman of Tata Sons, Tata Motors and JLR, Natarajan Chandrasekaran thanked Mr Speth for his “passion and commitment” at JLR.

He added: “Ralf developed JLR from a niche UK-centric manufacturer to a respected, technological leading, global premium company.

“I am delighted that Ralf has agreed to maintain his relationship with JLR by becoming non-executive vice-chairman. He will also remain on the board of Tata Sons.”

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Over the past decade, Jaguar Land Rover has expanded its model range and entered new markets, with new production plants in the US, China and Slovakia.

Mr Speth, a German engineer brought in to JLR after it was acquired by Tata Motors, said: “I feel very honoured to have worked with so many dedicated and creative people, both inside and outside of Jaguar Land Rover.

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“We have elevated Jaguar and Land Rover. I want to say thank you for all their support and commitment.”

The 65-year-old’s departure comes after a challenging period for JLR, which has seen slowing car sales in recent years due to sluggish demand in China and falling demand for diesel vehicles.

The company said in earlier in January that it plans to cut 4,500 jobs globally, including 500 at its Halewood factory on Merseyside.

The move is part of a £2.5bn plan to reverse losses.

Later on Thursday, JLR said revenue for its third quarter ending 31 December was up 2.8% to £6.4bn, with profit before tax of £318m.

SOURCE : https://news.sky.com/story/jaguar-land-rover-chief-to-step-down-in-september-11921392

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