NEW DELHI: Tata Motors-owned Jaguar Land Rover chief executive officer Thierry Bollore on Wednesday announced his resignation from the luxury car company citing personal reasons. He will leave the company on December 31, 2022.
Adrian Mardell will take over as Interim CEO from today. Adrian has been part of Jaguar Land Rover for 32 years and a member of the Executive Board for three years. The departure of Bolloré comes as Tata Motors continue 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.
As of September 30, 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.
JLR business accounts for over half of Tata Motors’ consolidated revenue. Bolloré said: “JLR’s transformation and acceleration towards a sustainable, profitable future as a modern luxury business is underway at great pace.”