Jaguar/Land Rover sale a done deal, Tata names new CEO
At Jaguar Land Rover, things seem to be business as usual. The company has announced that its new proud papa, Tata Motors, has named former CFO David Smith the new CEO for Jaguar and Land Rover. You may recall the untimely death of Geoff Polites, the company's previous CEO. Today's announcement of Smith's new appointment comes right on schedule based on past information provided by the company. Smith has already been the acting CEO since Polites' death late last April.
[Sources: Ford and Automotive News - sub. req'd]
STATEMENT: FORD MOTOR COMPANY COMPLETES THE SALE OF JAGUAR LAND ROVER TO TATA MOTORS
DEARBORN, Mich., June 2, 2008 – Ford Motor Company [NYSE: F] has today completed the sale of its Jaguar Land Rover operations to Tata Motors.
The sale is the culmination of Ford's decision last August to explore strategic options for the Jaguar Land Rover business, as the company accelerates its focus on its core Ford brand and "One Ford" global transformation. It also allows Jaguar Land Rover to focus on delivering what is best for its business.
As part of the overall sale agreement between Ford and Tata Motors, Ford will continue to supply Jaguar Land Rover with engines, stampings and technology, including a range of environmental technologies.
Ford Motor Company wishes the Jaguar Land Rover management team, its employees and the new owners every success for the future.
Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, United States, manufactures or distributes automobiles in 200 markets across six continents. With about 230,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Lincoln, Mercury, Volvo and Mazda. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com.
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts and assumptions by management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated. We cannot be certain that any expectation, forecast or assumption made by management in preparing these forward-looking statements will prove accurate, or that any projection will be realized. More detailed information about these and other factors that could affect future results is contained in our filings with the Securities and Exchange Commission. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
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