Tata Trusts initiates process of selecting Tata Sons Chairman
The Tata Trusts on Thursday, August 13, began the process of finding a successor to N. Chandrasekaran as chairman of Tata Sons, the holding company of the diversified conglomerate.
The Sir Dorabji Tata Trust (SDTT), which along with other Tata Trusts holds nearly two-thirds of Tata Sons, said trustees had passed a resolution to set up a selection committee as soon as possible, in line with Tata Sons' Articles of Association, to recommend a new chairman for the company's board.
The move follows Chandrasekaran's announcement Wednesday, August 12, that he would not seek a third term as Tata Sons chairman, citing a lack of unanimity on the matter within the board. Chandrasekaran had also said clarity on the leadership question was needed at the earliest.
In its statement, SDTT said it respected Chandrasekaran's decision not to offer himself for reappointment and placed on record its deepest appreciation for his stewardship of Tata Sons and the Tata group over the past decade. The Trusts credited him with steering the group through a period of significant change, growth and transformation.
SDTT is headed by Noel Tata, who became chairman of the Tata Trusts following the death of his half-brother Ratan Tata. The Trusts said they would extend full support to Tata Sons in ensuring a smooth, timely and orderly leadership transition, consistent with the values and long-term interests of Tata Sons and the group.
