"The company would like to thank David for his efforts in the role and for his service to Jaguar and Land Rover over many years," JLR said in a statement on Monday.
Rumors surfacing in the media are claiming that one possible successor for Smith can be Carl-Peter Forster who left General Motors Europe in November. Although some sources familiar with the matter suggested that he would most likely take over a senior position at JLR, more and more voices are hinting that Forster might be appointed the new CEO in the near future.
On the other hand, the German weekly magazine Focus reported that Forster will indeed join Tata Motors - JLR's parent company - but instead of taking over the CEO position within the British manufacturer, he will be in charge of the European operations of the Nano. The world's cheapest car, Tata Nano, is due to hit European stores in 2011.
Earlier this month, JRL announced another upper management change, this time concerning the financial services director role. David Betteley, former Vice President with responsibility for financial services in the UK, Europe and Africa for Japanese carmaker Toyota, took over this role and will handle Jaguar and Land Rover financial service activities worldwide.