(RTTNews) – Jaguar Land Rover has named Thierry Bollore as its new chief executive officer, succeeding Ralf Speth.
Steering replacement occurs when Britain’s largest car manufacturer struggles to return to profitability after being hit by the coronavirus pandemic. Jaguar Land Rover is owned by Tata Motors of India.
Bolloré will take over as CEO of Jaguar Land Rover on 10 September 2020. Speth will be Jaguar Land Rover’s previously announced non-executive vice president.
Bollore, an auto industry veteran, most recently served as CEO of French carmaker Groupe Renault and previously in senior positions at global automotive supplier Faurecia.
Bolloré’s appointment to Jaguar Land Rover comes when the automaker is dealing with weak sales due to the coronavirus pandemic and the slow adoption of vehicle technology.
In early July, Jaguar Land Rover reported that its retail sales in June were 35,334 vehicles, down 24.9% year-on-year. The Company noted that its retail sales during the 3 months ending June 30, 2020 were also affected by the COVID-19 pandemic.
Jaguar Land Rover has implemented task cuts in 2019 to reflect weaker market situations, basically similar to declining diesel sales. The company reported a tax loss of 422 million pounds for fiscal year 2019-2020.