Jaguar Land Rover, the British luxury-car maker owned by India’s Tata Motors, said that chief executive officer David Smith will leave the company after less than two years in the top job. Ravi Kant, a Jaguar Land Rover director and vice chairman of Tata, will take on Smith’s duties while a search for a permanent successor is carried out.
Falling sales at the UK car maker pushed Tata Motors, India’s biggest truck manufacturer, to its first consolidated annual loss in at least seven years in the year ended March.
Jaguar Land Rover sales in Europe declined almost 22 per cent last year to 86,026 vehicles, according to the European Automobile Manufacturers’ Association. Sales of luxury vehicles are recovering more slowly from the global recession and haven’t benefited as much as small cars from government incentives.
Smith became CEO in June 2008 after Tata took over from Dearborn, Michigan-based Ford. He was chief financial officer at Jaguar before the Tata purchase