Jaguar Land Rover’s (JLR) CEO Ralf Speth is stepping down in September 2020 when his contract ends. He, however, will retain an advisory role at the British carmaker, according to the Financial Times reported.
The Newspaper says that the company could make an announcement on 30th January 2020. Speth will focus on his position on the board of Tata Sons, the holding company of JLR’s owner Tata Motors Ltd.
“I feel very honoured to have worked with so many dedicated and creative people, both inside and outside of Jaguar Land Rover,” Speth said. He added:
“We have elevated Jaguar and Land Rover. I want to say thank you for all their support and commitment.”
Speth further said: “We offer our customers multi-award-winning products and will continue to surprise with the best pipeline of new, innovative products we have ever had.
“Personally, I am looking forward to new and exciting challenges”.
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Tata chairman, Natarajan Chandrasekaran added: “I want to thank Ralf for his passion and commitment over the last 10 years. Ralf developed Jaguar Land Rover from a niche, UK centric manufacturer to a respected, technological leading, global premium company.
“I am delighted that Ralf has agreed to maintain his relationship with Jaguar Land Rover by becoming a non-executive vice-chairman.”
Jaguar Land Rover declares profit in 2019
Speth became CEO of Jaguar Land Rover in 2010 after Tata bought the company from Ford. Since then Speth has overseen its growth into new markets and a much wider range of vehicles.
JLR now has production plants in the US and China. The company has also introduced new models like the electric Jaguar I-Pace.
The company has however struggled due to the US-China trade war. This led an initiative to cut around £2.5bn in costs, which could lead to thousands of job losses. The measures, however, helped the firm return to profit last year.
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