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Jaguar Land Rover chief to step down

Jaguar Land Rover chief executive David Smith is to step down from the position for undisclosed reasons.

JLR owner Tata Motors and its director Ravi Kant will act as interim chief executive until a successor is announced.

According to the BBC, Jaguar said Smith had not left due to a break down in talks between Tata and unions over a reduction in wages and pension benefits.

Jaguar Land Rover has offered to guarantee that 8,000 full-time staff will be kept on until 2015 in return for cuts to new starters' salaries and pensions.

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