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JLR Taps Ousted Renault Boss Bollore as New CEO
Speth to stay on as non-executive vice chairman
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Jaguar Land Rover has appointed former Renault boss Thierry Bollore to succeed the retiring Ralf Speth as CEO, effective Sept. 10.
Speth, who has served as CEO for more than a decade, will become non-executive vice-chairman of JLR. During his tenure, he’s credited with reviving JLR and turning it into England’s largest carmaker. He also will continue to serve as a board member of India’s Tata Sons, which controls JLR parent Tata Group.
Parlez-Vous Francais Experience
Bollore has extensive experience throughout France’s automotive industry.
Thierry Bollore
Before joining Renault in 2012, Bollore spent seven years in global executive positions at Paris-based interior specialist Faurecia. He previously spent 15 years at French tire giant Michelin.
Bollore joined Renault to head production and supply chain operations. He became CEO and chairman early last year after former Renault-Nissan boss Carlos Ghosn was arrested on charges of financial wrongdoing.
Bollore was fired last September as the Alliance continued to distance itself from Ghosn. During his brief tenure, Bollore championed Renault-Nissan’s attempted partnership with Fiat Chrysler, which eventually struck its pending deal with PSA Group.
Big Shoes, Big Job
At JLR, Bollore will have his work cut out for him.
In addition to succeeding the well-liked and respected Speth, Bollore will be tasked with turning around the carmaker’s slumping sales in the wake of the coronavirus pandemic and England’s exit from the European Union.
The carmaker, which is in the middle of an aggressive cost-cutting plan that aims to save about $6.4 billion, incurred a pre-tax loss of £422 million ($530 million) for the fiscal year ending March 31.
But for now, it’s all smiles and optimism.
"I'm delighted to welcome Thierry to Jaguar Land Rover,” Tata Chairman Natarajan Chandrasekaran said in a statement. He hailed Bollore as an “established global business leader with a proven track record of implementing complex transformations."
Adds Bollore: "It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation."