Tata Trusts has unanimously elected Noel Tata as the chairman of Tata Trust, according to a report by CNBC VT18. After the demise of Ratan Tata on October 9, Tata Trusts board had, today, held a meeting in Mumbai to discuss the crucial succession plans and it was expected that his stepbrother Noel Tata will be appointed as the new chairman. Mehli Mistry, a board trustee for the two main Tata charities, was also poised to get a key position.
The deeds of the trust clearly provides guidance on the appointment of the chairperson, paving the way for this significant leadership transition. Noel Tata, 67, is the son of Naval Tata, who was Ratan Tata’s father, and Simone Tata. He was already on the boards of Sir Ratan Tata Trust and Sir Dorabji Tata Trust, and was the frontrunner to succeed him. Ratan Tata never married and had no children. Also, he did not name a successor for Tata Trusts.
Tata Trusts is an umbrella body that manages functions of all 14 trusts. Tata Sons’ ownership is largely held by two key trusts under Tata Trust—Sir Dorabji Tata Trust and Sir Ratan Tata Trust, which together comprise over 50 per cent of the ownership. In total, Tata Trusts owns 65.3 per cent of Tata Sons.
Noel Tata has been the chairman of Trent Ltd since 2014. He previously helmed Tata International Ltd from 2010 to 2021. He was also on the boards of several Tata firms including Tata Steel and Voltas Ltd.
He was previously also considered for the chairmanship of Tata Sons, however this role eventually went to his brother-in-law Cyrus Mistry. Following Mistry’s controversial exit, N Chandrasekaran took over as Chairman of Tata Sons.