Despite Ford's sale of both British brands to India's Tata Motors, David Smith - who currently serves as both firms' acting CEO - was appointed today as the permanent executive for Tata's newest acquisitions.
Although Smith joined Ford's finance ranks back in 1983, he's only officially been with Jaguar and Land Rover since March 1, when he was appointed to chief financial officer. Smith took over executive duties for both brands in April, following the death of then-CEO Geoff Polites.
The news of Smith's appointment comes on the heels of today's announcement that Ford has completed the sale of Jaguar and Land Rover to Tata. Although the brands were sold for a collective $2.3 billion, Ford's responsible for nearly $600 million in pension costs for both brands, netting the automaker close to $1.70 billion.
In spite of the sale, Ford will continue to supply Jaguar and Land Rover with engines, parts, and technology in the near future.
Source: Automotive News