Mumbai, NFAPost: Chairman of Tata Sons and Jaguar Land Rover plc Chandrasekaran announced the appointment of Thierry Bolloré to the role of Chief Executive Officer of Jaguar Land Rover, effective 10 September 2020.
Making the announcement, Chairman of Tata Sons and Jaguar Land Rover plc Chandrasekaran said he is delighted to welcome Thierry to Jaguar Land Rover and take it to the net level of growth globally.
“An established global business leader with a proven track record of implementing complex transformations, Thierry will bring a wealth of experience to one of the most revered positions in the industry,” said Chairman of Tata Sons and Jaguar Land Rover plc Chandrasekaran.
Business experience
Thierry Bolloré has extensive expertise in the automotive business, most recently as CEO of Groupe Renault and previously in senior positions at global automotive supplier Faurecia.
Commenting on his apppointment, Thierry Bolloré said Jaguar Land Rover is known around the world for its peerless brand heritage, exquisite design and deep engineering integrity.
“It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation. Renowned for their passion and spirit, the people of Jaguar Land Rover are the driving force behind its success. I couldn’t be more excited to join the team continuing to shape the future of this iconic company,” said Thierry Bolloré.
Technology company
Thierry Bolloré succeeds Prof Sir Ralf Speth, who will take up the previously announced position of Non-Executive Vice Chairman of Jaguar Land Rover plc.
Chairman of Tata Sons and Jaguar Land Rover plc Chandrasekaran added that he wants to thank Ralf for a decade of outstanding vision and leadership for Jaguar Land Rover and welcome him to his new Non-Executive position in addition to his existing role on the board of Tata Sons.
Jaguar Land Rover is a global automotive manufacturer and leading technology company, proudly built around two iconic British car brands: Jaguar and Land Rover. The business is dedicated to providing experiences people love, for life, with a mission of shaping the future of mobility towards Destination Zero; a world of zero emissions, zero accidents and zero
congestion.
Financial performance
Jaguar Land Rover Automotive returned to profitability with improved operating cash flow in the second and third quarters of fiscal 2020. This was primarily due to double-digit retail sales growth in China, as well as cost and cash flow improvements under its Project Charge transformation programme.
But the fourth quarter and financial year ending 31 March 2020, the company got hit by the emergence of the Covid-19 pandemic as it significantly impacted Q4 and full-year Fiscal 2019/20.
Fourth quarter retail sales were 109,869 units, down 30.9% year-on-year, while full year sales totalled 508,659 vehicles, down 12.1% year-on-year. As a result of lower unit sales, the company made a pre-tax loss of £501 million in Q4 and £422 million for the full year, on revenues of £5.4 billion and £23 billion respectively.
The company’s Project Charge transformation programme reduced operating costs by £154 million, investment by £200 million, and inventories by £405m in the quarter. This brings the total cost and cashflow improvements to £2.9 billion, exceeding the £2.5 billion target three months ahead of schedule.
The company has now embarked on ‘Project Charge +’, the next phase of Project Charge, which will primarily target cost savings and deliver a further £1.1 billion of cost and cashflow improvements for a total of £4 billion of improvements by March 2021.
