The CEO of Tata Motors Ltd.'s British subsidiary Jaguar Land Rover Automotive Plc, Thierry Bolloré, resigned citing personal reasons.
The resignation will be effective Dec. 31, Tata Motors said in an exchange filing on Wednesday. Bolloré also resigned as the non-executive, non-independent director at Tata Motors.
Adrian Mardell, an executive board member at the company for the last three years and part of the company for 32 years, will take over as the interim CEO.
"I am immensely proud of what we have achieved together at Jaguar Land Rover over the last two years,” Bolloré said in a statement. “The company's transformation and acceleration towards a sustainable, profitable future as a modern luxury business is underway at a great pace.”
The luxury carmaker lowered its guidance for the financial year ending March as it faces a shortage of specialised semiconductors
JLR now expects to maintain a marginally positive EBIT margin for the current fiscal, compared with the earlier guidance of 5%. It also expects to break even on free cash flow in the period, compared with the earlier indication of £1 billion for the year.
The underperformance of the arm, which contributes over 60% to Tata Motors' top line, has weighed on the Indian carmaker's overall performance.
“The foundations for a successful transformation have been laid, leaving the company well poised for the future," N Chandrasekaran, chairman of Tata Sons, Tata Motors, and JLR, said in the statement.
The British firm plans to become an electric-only brand from 2025 as part of its ‘reimagine' strategy to turnaround its operations.
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