1:46 pm, November 16, 2022
The CEO of Jaguar Land Rover has shocked the automotive industry by resigning for ‘personal reasons’ just days after the firm announced improved financial results.
Thierry Bollore is stepping down from his position at the end of the year, having been with the company since joining from Renault in 2020.
He will be replaced in the interim by Adrian Mardell, who currently works as the outfit’s chief financial officer, while parent company Tata Motors considers its next move.
The bombshell announcement has come just as JLR’s fortunes appeared to be turning around.
Last week, Car Dealer reported that the firm had slashed its losses in the three months to the end of September, boosted by production of the new Range Rover.
Overall, the outfit lost £173m in Q2 compared to £302m during the same period last year.
There has been no word on what the ‘personal reasons’ that have led to Bollore’s resignation might be.
In a statement, he said: ‘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.’
Ballore’s time in charge of JLR has been blighted by supply chain issues that have dogged carmakers all over the world.
Figures that came out last month revealed that the firm currently has a mammoth backlog of 205,000 vehicles.
The issue has led to some catastrophic losses, including £524m in the first quarter of 2023 and £455m for the last financial year.
Despite the struggles, Natarajan Chandrasekaran, chairman of Tata Motors and JLR, wished Ballore well for the future.
He said: ‘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.’
