N Chandrasekaran, TCS CEO, named Tata Sons Chairman

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New Delhi | Updated: Jan 13, 2017 7:08 AM

Following a much controversial public spat with Cyrus Mistry following his sacking as the Chairman of Tata Sons, the company is expected to announce their new chairman after the board meeting concludes.

Tata Sons is likely to name the new Chairman. (Reuters)Tata Sons is likely to name N Chandrasekaran as the new Chairman. (Reuters)

Tata Sons on Thursday named TCS Chief Executive Officer and Managing Director N Chandrasekaran as its new Chairman over two months after the unceremonious sacking of Cyrus Mistry. Chandrasekaran thanked the Tata Sons group and Ratan Tata for having confidence over him and said that he is aware that his chairmanship comes with huge responsibilities. Citing that the position he will be taking over requires several leadership qualities, Chandrasekaran said that over a period of time he will grow in the Chairman role. Chandrasekaran shall take charge from February 21, 2017. Popularly known as ‘Chandra’, the 54-year-old was chosen to step into the shoes of interim Chairman Ratan Tata, who took over on October 24 last year after the removal of Mistry. The decision followed a five-member search committee comprising Ratan Tata, TVS Group head Venu Srinivasan, Amit Chandra of Bain Capital, former diplomat Ronen Sen and Lord Kumar Bhattacharya zeroing in on Chandrasekaran.

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7:07 AM: In February 2013, TCS overtook Reliance Industries to become the country’s most valued companies.

7:05 AM: Indeed, during his tenure the market capitalisation of TCS increased by Rs 3.4 lakh crore, which is more or less equal to the combined current market capitalisation of Infosys and Wipro.

6:50 AM: Watch the video

05:45 am: Koushik Chatterjee, Group Executive Director (Finance & Corporate), Tata Steel said he was looking forward to work with N Chandrasekaran. “Chandra familiar with working of Tata companies which should help him. He’s a tall leader, look forward to working with him.”

04:00 am: Abidali Neemuchwala, Wipro CEO: A global business leader with boldness of vision and drive for results, Chandra personifies value system of Tatas.

01:00 am: Founder Chairman and CEO of TECHCELX and former CEO of HCL Technologies, Anant Gupta also congratulated Chandrasekaran on Twitter. “Congrats Chandra on being appointed Chairman of TATA Sons. A proud moment for everyone in TCS – all the very best,” he wrote.

10:30 pm: Chief minister of Madhya Pradesh, Shivraj Singh Chouhan tweeted, “My heartiest congratulations and best wishes to Mr. N Chandrasekaran on being appointed as Chairman of @TataCompanies.”

10:07 pm: Anand Mahindra, Chairman and Managing Director of Mahindra Group: “Congratulations, Chandra.You  are now custodian of an Indian Icon. You have broad enough shoulders to assume that responsibility!”

09:25 pm: Stating that the role of Chairman at the helm of $103 million conglomerate will be challenging but Chandrasekaran had demonstrted to all at TCS that he is capable for the role.

09:03 pm: “Having run many marathons with him, I have the highest regard for Chandra’s spirit of endurance, grit, determination and focus,” said Ambani, Chairman of Reliance Group, as reported by PTI.

09:01 pm: Business tycoon Anil Ambani congratulated N Chandrasekaran over his appointment as the Tata Sons chairman.

8:58PM: Feel I will grow into the role; There are always challenges but over last 150 years, Tata companies contributed to making the group what it is today, says Chandra

8:57PM: Couldn’t have done well without great team support, says N Chandrasekaran

8:56PM: Responsibility that requires binding the group together, says Chandra

8:54PM: Tata group ethics, values of highest importance, says Chandra

8:52PM: The chairmanship of Tata Sons is a huge responsibility, says Chandra

8:50PM: Huge honour for me to be chosen as chairman of Tata Sons, says Chandrasekaran

Also read: Chandresekaran thanks everyone for tremendous support

8:28PM: Vallabh Bhansali to BTVI: N Chandra being an insider will help understand expectations; IT sector is not only a need of India but also US

8:24PM: VR Mehta to BTVI: N Chandrasekaran not being a Parsi does not matter; what matters at Tata Group is the leadership one provides

8:22PM: Kaku Nakhate to ET Now: Have worked with Rajesh Gopinathan & confident that TCS is in good hands

8:20PM: Kaku Nakhate to ET Now: N Chandra as Tata Sons Chairman will continue to oversee TCS. Chandra will know how to navigate issues of Tata Group as he is an insider. Chandra’s vast business acumen will help him in his role as Tata Sons Chairman. Confident that Tata Group will reach great heights in Chandra’s leadership

8:18PM: N Srinivasan, Murugappa Group CFO, to ET Now: My brother Chandra can be restless but he never gets tense

8:14PM: Anand Mahindra on Twitter: Congratulations, Chandra. You are now custodian of an Indian Icon. You have broad enough shoulders to assume that responsibility!

8:10PM: Shikha Sharma to CNBC TV18: Chandra is aware of the smallest of things at his company. When he met me as a client he put himself in a banker’s shoes & advised

8:08PM: Shikha Sharma to CNBC TV18: Chandra has his finger on the pulse of everything. He invests time in learning about businesses far different than his business

8:05PM: Tata Steel MD, TV Narendran, to CNBC TV18: Delighted to have N Chandrasekaran as the new Tata Sons chairman

08:01 pm: Chandrasekaran stated R Gopinathan as a rare combination of business and financial acumen and said that he is confident that he will lead TCS to great heights.

07:53 pm: Rajesh Gopinathan appointed the next CEO of TCS and NG Subramaniam the next COO: N Chandrasekaran.

07:50 pm: N Chandrasekaran confirmed that he will be taking over as the Tata Sons Chairman from February 21.

07:43 pm: Lauding N Chandrasekaran’s appointment, SBI Chairman Arundhati Bhattacharya said that she ‘heartily welcomes’ the appointment of the new Chairman of the Tata Sons.

7:24PM: The Board of Tata Sons said: “Mr. Chandrasekaran has demonstrated exemplary leadership as the Chief Executive Officer and Managing Director of Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead.”

7:20PM: Tata Sons says this is as per the unanimous recommendation of the Selection Committee.

7:18PM: Tata Sons says that N Chandrasekaran has showed exemplary leadership skills at TCS

7:17PM: N Chandrasekaran appointed as Tata Sons Chairman effective February 21.

7:15PM: Ishaat Hussain to BTVI: Tata Companies always works for the best interest of stakeholders; N Chandrasekaran has a strong track record

7:09PM: TCS chief Chandrasekaran named as Tata Sons Chairman

7:07PM: Ishaat Hussain, interim chairman of TCS, to CNBC TV18: Wait for announcement on who will succeed Chandrasekaran as TCS CEO

7:05PM: Ishaat Hussain, interim chairman of TCS, to CNBC TV18: Chandra is the perfect choice as Tata Sons chairman

7:03 PM: Deepak Parekh, Chairman, HDFC to CNBC TV18: Chandra is the only insider who the Tata Group could pick as a Chairman. He has lot of challenges at hand

7:01PM: C Sivasankaran of Siva Group to ET Now: Even Cyrus Mistry will appreciate that N Chandrasekaran will be a good Chairman

6:59PM: Amitabh Kant, CEO Niti Aayog, to CNBC TV18: Chandrasekaran is an excellent choice, he will provide continuity and is the best possible choice for Tata Group

6:57PM: Amitabh Kant, CEO Niti Aayog, to CNBC TV18: Chandra is a dynamic leader, he will get a lot of dynamism to the group.

6:55PM: Arun Maira, former Tata Motors board member, to CNBC TV18: Chandra is an old Tata man and knows ethos. I am happy that things are settling down at Tata Companies

6:52PM: TCS may appoint a COO to assist Rajesh Gopinathan once he takes over as CEO, CNBC TV18 says

6:50PM: He was named to the Tata Sons board in October, after Mistry’s ouster. Chandrasekaran also serves on the board of India’s central bank.

6:45PM: A masters degree holder in computer applications, Chandrasekaran joined the group in 1987, and rose through the ranks to become TCS CEO in 2009.

6:40PM: Chandrasekaran, 53 and a Tata Group veteran, currently heads IT outsourcing firm Tata Consultancy Services, India’s most-valuable company with a market capitalisation of $67 billion.

6:35PM: Kiran Mazumdar Shaw to CNBC TV18: Chandra has demonstrated great leadership at TCS. Leadership is about taking strong judgement calls, I am sure chandra will

6:30PM: ET Now Sources say that Tata Sons has appointed N Chandrasekaran as Chairman, official announcement on his appointment expected soon

6:27PM: He is a great symbol of leadership from the IT sector and can project India in great light, says Kiran Mazumdar-Shaw to CNBC TV18

6:25PM: Bhaskar Bhat, Titan MD to ET Now: Chandra is the best CEO of the country. He is very energetic & always hungry for growth. Chandra has got a global perspective and experience

Who is Rajesh Gopinathan? All you want to know about the man tipped to be new TCS CEO

6:23PM: Wipro Vice Chairman to ET Now: Tata Sons will be very proud if they appoint N Chandra as Chairman

6:20PM: Wipro Vice Chairman to ET Now: Chandra has done phenomenal job at TCS; expect him to continue at Tata Sons.

6:17PM: N Chandrasekaran gets standing ovation at TCS House

6:15PM: Tata Sons board member to CNBC TV 18: Board unanimously endorsed N Chandrasekaran

6:12PM: Ratan Tata, N Chandrasekaran leave Bombay House after board meet ends

6:10PM: Parsi Trust Chairman to BTVI: Disappointed that Tata Sons picked non-Parsi to be next chairman

6:04PM: Krishnakumar Natarajan of Mindtree to CNBC TV18: Admire Chandra’s tenacity. He will take Tata Companies to a new trajectory. Nobody like him for role

6:02PM: No doubts on Chandra doing a great job as Chairman of Tata Sons, I will be very happy if he is indeed the choice for Tata Sons Chairman: Narayana Murthy to ET Now

6:00PM: Tata Sons board meet concludes.

5:58PM: Chandra is a tall leader of Indian IT industry, says Narayana Murthy. Read More on this

5:56PM: Believe Chandra will carry on Tatas’ values efficiently, Chandra’s leadership quality is legendary, says Narayana Murthy

5:54PM: Chandra’s performance clearly on the table; made TCS leader of the industry. Wish him great success; he has an extraordinary record, says Narayana Murthy

5:52PM: Chandra can create great vision; will get people to work together with him, says Narayana Murthy

5:51PM: CP Gurnani, CEO, Tech Mahindra to CNBC TV18: Worked with N Chandrasekaran at NASSCOM for many years. He understands Indian market & globalisation

5:50PM: I wish him very best for the challenge, says Sunil Mittal

5:45PM: Chandra is an outstanding person, a fantastic leader, says Uday Kotak

5:40PM: Have very high personal regard for N Chandrasekaran, says Uday Kotak

5:35PM: ET Now sources said that Ajay Piramal is also seen as one of the frontrunners for post of Tata Sons

5:30PM:  Rajesh Gopinathan to be new CEO of TCS, CNBC TV18 reported

 

05:23 PM: CNBC TV18 sources say that N Chandrasekaran is likely to be announced as the new chairman of Tata Sons.

05:24 PM: Among top contenders, Noel Tata and Indira Nooyi are also the big names that might take the top position at Tata Sons.

05:25 PM: Earlier, in October, former Chairman Cyrus Mistry had been unceremoniously sacked.

05:20 PM:  “Let’s not speculate,” Chandrasekaran said, when asked at a news conference after the TCS results if he was getting the Tata Sons chairman’s role

05:15PM: Ratan Tata, patriarch of one of India’s most influential families, had taken over as interim chairman of Tata Sons after the board ousted Mistry.

 

 

 

 

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