[wheelguy]

Ralf Speth moves into the role of non-executive vice-chairman.

Thierry Bollore has been appointed as the Chief Executive Officer of Jaguar Land Rover.

Mumbai: N Chandrasekaran, Chairman of Tata Sons, Tata Motors and Jaguar Land Rover plc on Tuesday announced Thierry Bolloré as the new Chief Executive Officer of Jaguar Land Rover, effective 10 September 2020.

Bolloré succeeds Prof Sir Ralf Speth, who will take up the previously announced position of Non-Executive Vice Chairman of Jaguar Land Rover plc.

A former CEO of Groupe Renault, Bolloré has extensive expertise in the automotive business including senior position at global automotive supplier Faurecia. During his various stint at automotive companies, Bollore has gained extensive experience in conceptualising and designing a customer focused product strategy, driving quality in program delivery, boosting excellence in operations and has a strong track record of driving significant turnaround in complex operations in a global environment across time.

Chandrasekaran on the new CEO announcement said: “I am delighted to welcome Thierry to Jaguar Land Rover. 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.”

Chandrasekaran thanked Ralf for a decade of his ‘outstanding vision and leadership’ for Jaguar Land Rover and welcomed him to the new Non-Executive position in addition to his existing role on the board of Tata Sons.

Source

[TusharK]

Thierry Bollore has been appointed as the new CEO of Jaguar Land Rover. He will take charge from September 10, 2020.



Bollore replaces Sir Ralf Speth, who will be taking up the position of Non-Executive Vice Chairman of Jaguar Land Rover.

Bollore started his career in 1990 with Michelin. In 2002, he was made the Vice President in charge of industry for Michelin Aircraft Business worldwide.

Bollore joined Renault in 2012. He became the Chief Competitive Officer in 2013, before being appointed as the Chief Operating Officer in February 2018. He was promoted to the post of CEO in January 2019, after former CEO Carlos Ghosn was arrested in Japan.

Link to Team-BHP News

[speedem0n]

Attached is the Circular regarding the same.

[wheelguy]

JLR's outgoing CEO Ralf Speth got big pay hike of 39% in FY20 - Link

Mumbai: At a time when Jaguar Land Rover has posted operating loss for the second year in row and is in the midst of massive cost cutting exercise including right-sizing of workforce, the remuneration of the highest paid director - Ralf Speth has been hiked by 39% year on year to 4.09 million pounds in FY20.

After serving almost a decade as CEO, Speth is set to retire in September and take over as non-executive vice chairman. Tata Motors on Tuesday announced Thierry Bollore, former CEO of Groupe Renault as his replacement.

To be sure, Ralf Speth had taken a 20 % cut in his compensation in FY-19 and his previous compensation was 3.7 million pounds in the year FY2018.

In an official response to ET’s query, the Tata Motors spokesperson explained that in FY20, the increase in director’s emoluments is due to an increase in amounts accrued under the Long-term Incentive Plan. This has increased over the previous two years as the business starts delivering on its turnaround plans. These vests over a 3 year period and no cash settlement have happened during the year.

However to the credit of Speth, Charge+, the next phase of transformation programme, is already ahead of schedule, having achieved a pro-forma £600 million of savings in Q4 Fiscal 2019/20 against a new target of over £2 billion of cost improvements by March 2021.

In addition, the directors’ emoluments rose 28.8% in the same period, when total work forces have been lowered to 39787 in FY20 compared with 44101 in the previous fiscal.

There are nine directors on the JLR management board and they include Felix Brautigam, Chief Commercial Officer, Ian Harnett, ED Global purchasing and Hanno Kirner, ED corporate and strategy.

To be sure, the JLR Nomination and Remuneration Committee determines the overall remuneration policy and strategy with the Group’s short and long term strategic goals to ensure ‘transparency and alignment’, it claimed.

This rise in compensation is in accordance with Wates Corporate Governance Principles.

“The remuneration policy has quantified fixed and performance-related elements. The overall objective of the remuneration policy is to deliver a balanced executive pay with the majority linked to business performance and is in line with the market median range for target performance,” added the spokesperson.