The head of JLR will retire in September and assume a non-executive position
Reeba Zachariah | TNN
Mumbai: after serving as Jaguar CEO Land rover (JLR) for a decade, he will retire from his current position in September when he turns 65. In accordance with the company's human resources policy, executive directors retire at the age of 65. However, Speth will continue in the executive-capacity directory. He will be redesigned as the vice president of the company that represents most of the parent company. Tata Motors 'Income. In accordance with the company's human resources standards, a non-executive director can remain on the board until the age of 70.
Tata Motors had acquired JLR from Ford Motor Company for $ 2.3 billion in June 2008 and brought Speth, a German engineer, on board to steer JLR in February 2010. Besides JLR, Speth is a director on the board of Motors and Tata Sons, the promoter of the Indian automotive giant. A search committee has been formed to find the next CEO for JLR, Tata Motors said in a statement.
The Financial Times reported that Denmark national Hanne Sorensen, independent director of Tata Motors, could be a replacement for Speth. This, however, could not be confirmed. Speth, one of the highest paid executives in the Tata Group , has developed JLR from a niche manufacturer focused on the United Kingdom to become a leading global leading technology company.