Just over a month after he stated that he will step down as Chairman of Tata Sons, the board has backed N Chandrasekaran as the chairman for another term of five years, according to sources.
Chandrasekaran had announced on August 12 that he will step down as Chairman of Tata Sons when his current term end on February 20, 2027.
Chandrasekaran’s move came after Tata board failed to approve another term for him at its February meeting due to reported opposition from one board member.
Sources told NDTV that the company’s board met on Thursday for the first time since Chandrasekaran made his decision to quit public. In another landmark decision, the board has also cleared public listing of the conglomerate. Sources have added that Tata Trust chairman Noel Tata opposed both the board’s decisions at the meeting. The Reserve Bank of India (RBI) has classified Tata Sons as an upper-layer non-banking financial company, requiring it to list within three years.
His current term is due to end in February 2027. Chandrasekaran’s current term is ending on February 20 next year. The listing question has also been a source of tussle within the group with the Tata Trust that controls 66 per cent of the group opposed to the idea of public listing. Chandrasekaran, who became chairman of Tata Sons in 2017, was reappointed for a second five-year term in 2022.
The board has backed Chandrasekaran’s continuation as the group’s chairman for another five year, according to sources.
