Tata Sons has named N. Chandrasekaran as Executive Chairman, which follows the ouster of Cyrus Mistry. Chandrasekaran, who is currently Managing Director and Chief Executive Officer of Tata Consultancy Services, will charge on February 21, 2017.
This is as per the unanimous recommendation of the selection committee, Tata Sons said in a statement.
“Chandrasekaran has demonstrated exemplary leadership as the Chief Executive Officer and Managing Director of Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead,” the statement said.
Chandrasekaran was the Chief Executive Officer and Managing Director of Tata Consultancy Services since 2009. A Tata lifer, he had joined the company in 1987. He was appointed on Tata Sons board on October 25, 2016.
The decision was taken at Tata Sons board meeting today. The meeting would be held at the company’s headquarters, Bombay House.
The other candidates included Hindustan Lever non-executive chairman Harish Manwani, Trent Chairman Noel Tata and British businessman Sir George Buckley.
On October 24, Cryus Mistry was ousted as the chairman of Tata Sons following a boardroom battle, with Ratan Tata taking over as the interim chairman. Tata Sons had announced a selection process for the new chairman, with an intention to announce a new chairman in four months.
On January 6, the board of Tata Sons, had called for an EGM following requisitions from a number of shareholders. Tata Sons’ resolution seeks removal of Mistry as director from its board, a position he had held since 2006.
With Tata Trusts holding a majority 66 per cent stake in Tata Sons, the outcome of the extraordinary general meeting (EGM) convened on February 6 to remove Cyrus Mistry as a director of the company is another “foregone conclusion”.
Mistry was ousted as the chairman of Tata Sons, the holding company of the more than $100-billion Tata group, following a board room battle. Following which Ratan Tata took over as the interim chairman of the conglomerate.
Following the ouster of Mistry on October 24, Tata group has constituted a body - comprising industry veterans such as Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya - to scout for a new chairman within the next four months
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