Tata Motors-owned Jaguar Land Rover chief executive officer Thierry Bollore announced his resignation from the luxury car company citing personal reasons. He will leave the company on 31st December 2022. Adrian Mardell will take over as Interim. Adrian has been part of Jaguar Land Rover for 32 years and a member of the Executive Board for three years.
Jaguar Land Rover Chief Executive Officer Thierry Bolloré Resigns- Key Points
- The departure of Bolloré comes as Tata Motors continues to report mammoth quarterly losses due to supply-side constraints (mainly semiconductor shortage) at JLR, which has taken a heavy toll on its production capability.
- JLR had an order book of 205,000 units and it expects an improvement in volumes in the second half of the financial year ending March 2023 and beyond.
- Tata Motors had last week reported a consolidated net loss of Rs 945 crore in the September quarter (Q2FY23) as against a net loss of Rs 4,442 crore in the year-ago quarter (Q2FY22).
- In the preceding June quarter, Tata Motors had reported a consolidated net loss of Rs 5,007 crore.
- All these losses were attributed to production loss at JLR as domestic passenger vehicle and commercial vehicle business saw an uptick.