Jan 29, 2020

Jaguar Land Rover CEO to step back in September

Ralf Speth, the long-serving but polarising chief executive of Jaguar Land Rover, will step back from his position when his contract ends in September, the company is set to announce on Thursday, according to two people familiar with the plans. He oversaw a wholesale rejuvenation of the business, opening plants overseas and driving a strong rise in profits from markets such as China and the US on the back of its Range Rover models. The group's fortunes turned as many of its big profit pillars came unstuck, while the stern management style that helped Mr Speth pull the business up during its growth years led to a stream of executive departures. The move ultimately meant that many of the Jaguar, Land Rover and Range Rover models competed against each other and this led to large-scale cannibalisation across its range. The company pledged last year to build new electric Jaguar models at its Castle Bromwich facility, following an investment of roughly £1bn. During his tenure Mr Speth has championed UK manufacturing.

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