With the $2.3 billion cash deal that gave India’s Tata Motors the Jaguar and Land Rover brands from Ford finalized and the brands debt-free, Tata is taking steps to get its newest business up and running. On Monday, the company named David Smith the new CEO of the two luxury vehicle brands. Smith has been the acting CEO since Geoff Polites passed away on April 20, moving up from his position of Chief Financial Officer, assigned on March 1.
Smith has been on Ford ’s payroll since 1983 in many finance and strategy positions, including assignments for Ford of Europe and the maker’s Premier Automotive Group in Switzerland, Asia and Turkey. He played a key role in reviving the Jaguar and Land Rover brands, and had a large hand in helping with last year’s sale of Aston Martin , according to Automotive News.
Tata also announced it completed the purchase of the two companies today, details of which were announced on March 26. “Jaguar Land Rover will retain their distinctive identities and continue to pursue their respective business plans as before,” said Ratan Tata, the Indian carmaker’s chairman, in an Autocar report.
Ford and Tata signed long-term supply contracts for the luxury vehicles as well. The two companies will cooperate on developing hybrid and powertrain technology, as well as shared, global platforms.
