Noel Tata will step down as chairman of Voltas at the end of his current term, he told shareholders at the company’s 72nd annual general meeting on Tuesday, less than a week after announcing a similar exit from Trent, as per PTI.
Noel Tata makes announcement at the AGM
Addressing shareholders of the air-conditioning and engineering products maker, Tata, 69, said this would be his final AGM as chairman, “As you might be aware, this will be my last annual general meeting as Chairman.” He pointed to the company’s leadership pipeline as one reason for confidence in its future, noting that Voltas had built its next generation of leaders through a mix of internal promotions and lateral hires, and said he was confident the company would continue to grow across its business segments under their stewardship. He also thanked shareholders, employees and business partners for their support over the years.
A long association with Voltas
Tata joined the Voltas board in January 2003 and was appointed non-executive chairman in September 2017, taking over from Ishaat Hussain. His departure from the post follows a near-identical announcement on June 23 at the AGM of Trent, the Tata group’s fashion and lifestyle retail arm, where he also serves as chairman.
The back-to-back exits come ahead of Tata turning 70 in November. While his roles at Voltas and Trent are non-executive chairmanships rather than managing director or whole-time director positions, the categories to which the Companies Act, 2013’s age-70 bar applies, the timing has placed his birthday at the centre of the speculation around his decisions, as per PTI.
Voltas: Company performance
In his address, Tata said Voltas had entered the current financial year on strong footing, citing the room air-conditioner business crossing the 1-million-unit mark in 81 days, which he described as reaffirming the segment’s market leadership. He also acknowledged the contribution of employees and joint venture partners to the company’s growth.
Noel Tata: Other roles within the group
Tata has been with the Tata group for four decades and remains chairman of Tata Trusts, the largest shareholder in Tata Sons. He continues as non-executive chairman of the boards of Trent, Tata Investment Corporation, Tata International, Trent Hypermarket, and Tata International West Asia DMCC in Dubai, and serves as vice-chairman of Tata Steel and Titan Company.