CEO David Smith parts ways with Jaguar Land Rover

Used Jaguar models in New Jersey may begin to attract additional attention following news that chief executive officer David Smith has resigned from Jaguar Land Rover, effective immediately.

A company spokesman declined comment on the reasons for Smith’s abrupt departure, stating that his resignation was “confidential between the company and Mr Smith.” Jaguar issued a brief statement thanking Smith “for his efforts in the role and for his services to Jaguar and Land Rover over many years.”

Smith was installed as CEO after Ford Motor Company sold the car manufacturer to India-based Tata, who purchased Jaguar Land Rover for $2.3 billion in 2008. Auto Week reports that the former CEO lacked industry experience in production, engineering and marketing.

In November of last year, Tata announced that Jaguar had lost nearly $100 million in the third quarter alone and subsequently cut almost 2,500 jobs, ABC News reports.

Former BMW and Opel head Carl-Peter Forster had been linked to the newly opened position, although Tata has dismissed the notion that they have a specific candidate in mind for the role.