Yahoo Finance Ex-Renault boss to be new CEO of Jaguar Land Rover
Thierry Bolloré, the former chief executive at French carmaker Renault (RNO.PA) has been named as the new chief executive of Jaguar Land Rover (TTM).
“It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation,” Bolloré said in a statement.
Bolloré was appointed as CEO of Renault in January 2019, after Carlos Ghosn was arrested in November the year before. Then he was abruptly fired from the job in October, describing his ouster to French media as a “strong-arm coup.”
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At the time, it was noted that Bolloré had been a close associate of Ghosn, and may have been let go as part of an overall house-cleaning, and to mend the rift with alliance partner Nissan in the wake of the Ghosn debacle.
Renault, Nissan (NSANY), and Mitsubishi (MSBHY) presented a new strategy designed to reboot their 21-year alliance in May.
Natarajan Chandrasekaran, chairman of JLR parent company Tata, said in a statement that Bolloré was “an established global business leader with a proven track record of implementing complex transformations,” and that he “brings a wealth of experience to one of the most revered positions in the industry.”
Bolloré will take the reins on 10 September from Ralf Speth, who has headed the automotive company for over 10 years. Speth will become the non-executive vice-chairman.
Jaguar Land Rover, like its global automotive rivals, has seen production and sales take a hit as coronavirus lockdowns brought production to a halt, and caused a collapse in demand that is barely ticking up even after dealerships have reopened. JLR reported a first-quarter pretax loss of £422m ($543m).
