Now Reading: Tata Sons chairman Chandrasekaran to step down in February
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Tata Sons chairman Chandrasekaran to step down in February
Natarajan Chandrasekaran will step down as chairman of Tata Sons when his term ends in February, after months of board deadlock. A director had opposed extending his tenure, Bloomberg reports. The decision…
The Story in Brief
Natarajan Chandrasekaran will step down as chairman of Tata Sons when his term ends in February, after months of board deadlock. A director had opposed extending his tenure, Bloomberg reports. The decision comes as the group invests heavily in semiconductor manufacturing, Apple iPhone production, electric vehicles, airlines, and digital businesses.
Chandrasekaran, the first non-Parsi chairman of the holding company, was earlier CEO of Tata Consultancy Services. Under him, the group's 15 largest listed firms saw revenue double to Rs 12.3 lakh crore and profit rise 360% to Rs 1.66 lakh crore. The board has not yet shortlisted a successor and may appoint an interim chairman.
The Indian Opinion
Reports frame this as a 'leadership crisis', but the group's revenue and profit doubled under Chandrasekaran. The real story is a governance tussle: Noel Tata, head of the Tata Trusts which own 66% of Tata Sons, opposes a public listing and has raised concerns about debt. A shareholder vote on Chandrasekaran's re-appointment to the board, due at the August 18 annual meeting, will settle whether the deadlock opens a wider rift.
Sources (3): aajtak.in, aajtak.in (2), bazaar.businesstoday.in
This story was synthesised by AI from the 3 sources linked above.
