New Delhi: Ratan Tata, interim chairman of Tata Sons, said today that contrary to media reports, he has no plans to step down as chairman of Tata Trusts “at this point in time.”
Tata Trusts, which control 66% in Tata Sons, is the holding company of the $108-billion Tata Group .
Tata said the Trusts are undertaking many initiatives that had “national impact and he is looking forward to continuing his involvement with these initiatives” in the Trusts.
“He was however keen that a process should be in place for a smooth succession at an appropriate time,” said a press release from Tata Sons.
Media reports earlier said Tata Trusts has asked an external consultant to advise it on the selection process for a new chairman, which could be completed by the middle of next year
Tata, who is 79, clarified that point today.
“The reference to the media discussion with some Trustees relate to the process being put in place for the leadership succession in the Trusts in the future, to enable an ordered and smooth transition of leadership,” the press release said
In October, Tata Sons removed Cyrus Mistry as its chairman. Ratan Tata came back to take over as the company’s interim chairman for four months. A selection committee has been formed to find a successor to Tata in four months
Bureau Report
Leave a Reply