The British automaker Jaguar Land Rover (JLR) is going to say goodbye to his top man. The 65-year-old German Ralf Speth is not going to extend his contract that runs until September, according to a report from the stock market regulator of India on Thursday. JLR parent company Tata is located there.
Speth doesn’t leave the JLR completely. He remains as non-executive vice-president of the company. He also holds his position as director of Tata. A successor to Speth at JLR is now being sought.
The departure of Speth comes at a crucial moment for Tata Motors, which is suffering from very severe market conditions in its home market. As a result, JLR has become of greater importance for the Tata Sons car branch, but the British are also in a difficult situation. JLR is working on a reorganization in which 4500 jobs are being scrapped worldwide. This is necessary to resist the declining demand in China, the uncertainty surrounding the effects of the Brexit on the company and the turn of the car industry to more fuel-efficient cars.
Tata Motors bought JLR in 2008 from the American Ford for 2.3 billion dollars.