N Chandrasekaran, the Chairman designate of India’s largest business house Tata Sons, will soon be appointed as the Chairman of all the listed companies in the group in the coming weeks, says sources.
N Chandrasekaran, the Chairman designate of India’s largest business house Tata Sons, will soon be appointed as the Chairman of all the listed companies in the group in the coming weeks, CNBC TV18 said on Wednesday, citing unidentified sources.
Earlier Tuesday, Chandra, as he is popularly known, was appointed additional director and Chairman of Tata Motors Ltd, India’s largest commercial vehicles maker and one of the group’s major revenue earner, with immediate effect.
Tata Power, Tata Consultancy Services – India’s most valuable company, Tata Teleservices, Tata Global Beverages and Tata Chemicals will call their respective board meetings soon to finalise Chandra’s appointment, CNBC TV18 said.
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Further, Chandra will replace Tata Sons interim chairman – the group patriarch Ratan Tata – as chairman of all the other Tata Group companies with effect from February 21, the news channel said.
Earlier this month, the $103-billion Tata Sons appointed Chandra as the group Chairman, following the unexpected ouster of Cyrus Mistry, which led to a bitter public feud between Mistry and Tata.
Chandra will be the first non-Parsi chairman of the 150-year old Tata group.
Chandra was the CEO and Managing Director of TCS since 2009 and spearheaded the company into becoming India’s largest software exporter. He joined the company in 1987 after completing Masters in Computer Applications from Regional Engineering College, Trichy, Tamil Nadu. TCS revenue under Chandrasekaran has more than tripled (3.7 times) to about Rs 1.1 lakh crore in 2015-16 from Rs 30,000 crore in 2009-10.
N Chandrasekaran was elevated to the board position at the group’s holding company, Tata Sons, on October 25, along with Jaguar Land Rover boss Ralf Speth, a day after Mistry, who was chairman for nearly four years, was suddenly sacked. Chandrasekaran has never attended management school. People close to him say he doesn’t micro-manage but reviews the work intensively.
Reportedly, Tata Sons directors and Ratan Tata were unhappy with Mistry’s approach of shedding non-profit business and concentrating only on cash cows.
Earlier the company had also accused Mistry of confidentiality breach and had promised legal actions against him. Mistry had reportedly filed a petition seeking the intervention of the National Companies Law Tribunal, accusing the conglomerate of shareholder oppression and mismanagement.