Shares of domestic carmaker Tata Motors fell over 2 percent in the early trade on November 17 a day after Thierry Bolloré, the CEO of Jaguar Land Rover (JLR), tendered his resignation due to personal reasons.
According to a statement released by Tata Motors, Bolloré will be leaving the company on December 31.
In the early trade today, shares of Tata Motors fell 2.17 percent at 9.37am on the National Stock Exchange against the previous close of Rs 431.55.
"I am immensely proud of what we have achieved together at Jaguar Land Rover over the last two years. I would like to thank the whole team for their dedication and passion and I wish the entire organisation the very best for the future,” Bolloré said.
Adrian Mardell, who has been part of JLR for 32 years and a member of the Executive Board for three years will be taking over from November 16 as Interim CEO.
"I want to thank Thierry for everything he has done at Jaguar Land Rover. The foundations for a successful transformation have been laid, leaving the company well poised for the future," N Chandrasekaran, Chairman of Tata Sons, Tata Motors and JLR, said.
Bolloré replaced Ralf Speth as CEO in September 2020. It was the CEO's promise to investors that JLR would become one of the world's most profitable luxury manufacturers by 2039 and be net-zero carbon as well.
In addition to his experience as former CEO of Groupe Renault, Bolloré also served in senior positions at global automotive supplier Faurecia.
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