Bolloré, a former CEO at French carmaker Renault, will assume charge at the British luxury carmaker on 10 September. He will succeed Ralf Speth who has been steering the Tata Motors Ltd-owned company for the last decade.

The announcement of the incoming CEO was made by N. Chandrasekaran, chairman, Tata Sons in a press note.

Speth will remain at JLR as its non-executive vice chairman, while also continuing to be a board member at Tata Sons that controls the Tata Group.

Earlier in January, Tata Motors announced that Speth would retire in September, following which the company had formed a search committee to look for a suitable successor.

“I am delighted to welcome Thierry to Jaguar Land Rover. An established global business leader with a proven track record of implementing complex transformations, Thierry will bring a wealth of experience to one of the most revered positions in the industry,” Chandrasekaran said.

Bolloré was previously at French carmaker Renault for seven years, where he rose to become the CEO, succeeding Carlos Ghosn in January 2019.

His stints at Renault, Faurecia and Michelin in the past involving significant turnaround of businesses with complex operations will be vital for JLR as it drives its transformation to deleverage the business and drive positive cash flows, according to a company statement.

“Jaguar Land Rover is known around the world for its peerless brand heritage, exquisite design and deep engineering integrity. It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation,” Bolloré said.