Jaguar LandRover - comment

JLR has announced this morning that Thierry Bolloré, CEO, has resigned. This is reported as for personal reasons, but we are surprised by the announcement at this stage, given Mr Bolloré only joined from Renault in September 2020. Adrian Mardell will replace him as interim CEO, who is the current CFO and familiar to all bondholders. This definitely appears a sudden move and we would expect an industry leader to be appointed as CEO in the short term.