Ralf Speth, the CEO of Jaguar Land Rover (JLR) is set to step down from his role at the end of his contract term in September as the UK’s biggest automaker reveals signs of improvement following a torrid 2019 of job cuts, deep losses, and declining sales.
Ralf Speth has led the company since 2010 and has experienced a major global expansion with new factories in China, Brazil and Slovakia putting it on course to make 1 million cars annually.
But sales ended last year at slightly more 550,000 vehicles as the firm was slower than some competitors in electrifying its vehicles whilst large declines in diesel demand and a decline of car sales in China, has impacted its performance.
The automaker published a 6% decline in 2019 sales but it has bounced back in China in recent times and overall company sales increased by 1.3% in December.
Speth will continue to work as non-executive vice chairman at the automaker and will remain on the board of Tata Sons, the parent group of Tata Motors which owns JLR, the company stated.
“A search committee has been formed which will work with me to find a suitable successor in the coming months,” stated Tata Sons Chairman N Chandrasekaran.