Jaguar Land Rover Announces New CEO
Jaguar Land Rover (JLR), the largest auto manufacturer in the UK, today announced the appointment of Thierry Bolloré as the new Chief Executive Officer of JLR, effective September 10th, 2020.
Bolloré, 57, will replace one of the longest-tenured CEOs in the automotive industry, 64-year-old Sir Ralf Dieter Speth. Speth, who has served as CEO of JLR since February of 2010, will retire from CEO and transition to Non-Executive Vice Chairman of JLR as previously announced.
Speth's replacement is new to JLR, but a long-time auto industry veteran. Bolloré most recently served as CEO of Groupe Renault but was reportedly ousted from the company in October of 2019. The move took Bolloré by surprise. "The brutality and the totally unexpected character of what is happening are stupefying," Bolloré said at the time. Previously, Bolloré held senior positions at global automotive supplier Faurecia.
Bolloré will have his work cut out for him. Over the last two fiscal years, JLR has reported a bottom-line loss of roughly £4 billion and saw vehicle sales decline by 12% in FY2019.
"Jaguar Land Rover is known around the world for its peerless brand heritage, exquisite design and deep engineering integrity. It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation." - Thierry Bolloré
Jaguar is ultimately striving for what they describe as Destination Zero, or "our mission to shape future mobility with zero emissions, zero accidents and zero congestion."
Still, like BMW (see video), Jaguar is currently emphasizing the importance of choice in their vehicle lineup.
"We have a growing portfolio of electrified products across our model range, embracing fully electric, plug-in hybrid and mild-hybrid vehicles, as well as continuing to offer the latest diesel and petrol engines, giving our customers even more choice."
Disclosure: Rob Maurer is long TSLA stock and derivatives.