JLR boss to quit in Sept, Bajaj to step down as exec

The boss of Jaguar Land Rover (JLR) will step down from his role at the end of his contract term in September as Britain’s biggest carmaker shows signs of improvement after a torrid 2019 of job cuts, deep losses and falling sales.

Ralf Speth has led the company since 2010 during which it has pursued a major global expansion with new factories in China, Brazil and Slovakia putting it on course to make 1 million cars per year. “A search committee has been formed which will work with me to identify a suitable successor in the coming months,” said Tata Sons Chairman N Chandrasekaran. JLR posts third-quarter results as part of Tata Motors later on Thursday.

Meanwhile, Bajaj Auto’s long serving Chairman Rahul Bajaj will step down from executive role to become a non-executive director while continuing to hold his current position, the company said.

Bajaj, who has been a director of the company since April 1, 1970, was last reappointed by the board for a five-year term with effect from April 1, 2015, and his term as executive chairman is expiring on March 31, 2020, it said.

“Due to certain commitments and other pre-occupation, Rahul Bajaj has decided not to continue as a whole-time director of the company after the expiry of his current term on March 31, 2020,” it added. Bajaj Auto said its board of directors approved his appointment as non-executive director.