Jaguar Land Rover Chief Executive Officer Thierry Bollore plans to leave the luxury carmaker just two years after he took on the role.
(Bloomberg) — Jaguar Land Rover Chief Executive Officer Thierry Bollore plans to leave the luxury carmaker just two years after he took on the role.
Bollore, who formerly led Renault SA and was appointed to the top job at Jaguar Land Rover in September 2020, cited personal reasons for his departure, parent Tata Motors Ltd. said Wednesday in a filing.
Adrian Mardell, a 32-year JLR veteran, will take over as interim CEO, Tata Motors said. Bollore’s exit comes as JLR struggles to ramp up production amid industrywide supply-chain issues. The carmaker has also been unable to make significant headway on electrification.
Semiconductor shortages have left customers for $100,000 Range Rovers waiting more than a year for their vehicles, with sales suspended for some variants. In the quarter ended September, the carmaker reported deliveries to dealerships that trailed guidance by 17%.
JLR has reported losses for seven consecutive quarters, according to Bloomberg data, most recently reporting a loss before tax of £173 million ($206 million) in the three months ended September. The company said Nov. 9 that it forecasts an improvement in production and sales volumes in the six months to March 2023, and said free cash flow may approach break-even for the full financial year.
In February 2021, Bollore announced plans for Jaguar to ditch combustion engines completely by 2025, and for Land Rover to introduce electrified variants beginning a year before that. The carmaker hasn’t given much further detail on its plans, such as where it’ll build electric models or where it’ll source batteries from.
In May, Bloomberg News reported that JLR was in talks with Northvolt AB and SVolt Energy Technology Co. about supplying batteries for a range of EVs it may assemble in Slovakia.
(Updates with JLR financial performance in fifth, sixth paragraphs.)
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