Thierry Bolloré has resigned as CEO of Jaguar Land Rover after two years in the job, Tata Motors said Wednesday in a statement to the Bombay stock exchange in Mumbai.
The resignation will take effect on 31 December. Bolloré cited “personal reasons” for his decision in a surprise move that prompted questions over the strategy of the UK’s iconic carmaker.
Jaguar Land Rover chief financial officer Adrian Mardell will take over as interim chief executive. A 32-year veteran, Mardell is currently a member of the company’s executive board. The search for a permanent successor to Bolloré will be handled by Tata in India.
The carmaker is struggling with continued disruption caused by the shortage of semiconductor chips, which has limited production and contributed to sharp financial losses.
Bolloré was appointed as Jaguar Land Rover CEO in July 2020, taking over from Ralf Speth, who led the company for a decade.
Bolloré will still be overseeing the company’s strategy to restructure the business, including making the luxury brand Jaguar all-electric by 2025. The company was still committed to the strategy that Bolloré set out, a source 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 under way at great pace” Bolloré said in a statement.