Tata Trusts initiates process of selecting Tata Sons Chairman
Tata Trusts said the Sir Dorabji Tata Trust trustees have resolved to set up a selection committee to recommend Tata Sons’ new chairman.
The Tata Trusts announced on Thursday the commencement of the selection process to appoint N Chandrasekaran's successor as Chairman of Tata Sons. In a statement, the Sir Dorabji Tata Trust, which holds a significant stake in Tata Sons, expressed profound gratitude for Chandrasekaran's contributions over the past decade, acknowledging his role in guiding the conglomerate through periods of transformation and growth.
However, Chandrasekaran opted not to seek a third term as Chairman, citing a lack of consensus among the board. This unexpected decision led the Tata Trusts to promptly form a selection committee, adhering to Tata Sons' Articles of Association, with the aim of recommending a suitable candidate for the role. Noel Tata, who now leads the Tata Trusts following the passing of his half-brother Ratan Tata, also serves as Chairman of the Sir Dorabji Tata Trust.
In his Wednesday statement, Chandrasekaran emphasized the urgency of addressing the leadership transition promptly, in line with the company's values and long-term objectives.
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Also reported by 2 other outlets
- 'Don't pay attention to gossip': What N Chandrasekaran told Tata Sons staff timesofindia.indiatimes.com
- Tata Trusts to set up panel for Chandra’s successor economictimes.indiatimes.com
