The head of JLR will retire in September and assume a non-executive position
MUMBAI: After serving as CEO of Jaguar 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 on the board of JLR in non-executive quality. 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 2008 and brought Speth, a German engineer, on board to steer JLR in 2010. Besides JLR, Speth is a director on the board of Tata Motors and Tata Sons , the promoter of the Indian automotive giant. A search has been formed to find the next CEO for JLR, Tata Motors said.
The FT reported that, independent director of Tata Motors, could be a replacement for Speth. This, however, could not be confirmed.