N Chandrasekaran has been reappointed as Executive Chairman of Tata Sons for another five years.
Tata Sons Ltd's board of directors has reappointed Natarajan Chandrasekaran as Executive Chairman for another five years. Tata Sons Ltd is the holding company and promoter of the $110 billion Tata group of companies.
"The board of Tata Sons evaluated the last five years and considered the reappointment of its Executive Chairman N Chandrasekaran at its meeting on February 11, 2022," the company stated in a statement.
Ratan N Tata, a special invitee to the conference, expressed his pleasure with the Tata group's progress and performance under Chandrasekaran's leadership. "He proposed that his term be extended for another five years," Tata Sons said.
Tata Sons is owned by Ratan Tata's Tata Trusts, which owns a 66% share in the company. "The board members praised the Executive Chairman's performance and unanimously supported Chandrasekaran's reappointment as Executive Chairman for the next five years," it stated.
"It has been a honor to lead the Tata group for the last five years, and I am happy at the opportunity to lead the Tata group in its next phase for another five years," Chandrasekaran said. Air India was recently purchased by the Tatas, led by Chandrasekaran.
Following the dramatic departure of former Chairman Cyrus Mistry, Chandrasekaran joined the board of Tata Sons in October 2016 and was appointed Chairman in January 2017. He also serves on the boards of several of the group's operating companies, including Tata Steel, Tata Motors, Tata Power, and Tata Consultancy Services (TCS), where he served as CEO from 2009 to 2017.
His nomination as Chairman came after a 30-year career in business with TCS, which he started straight out of university. TCS CEO and Managing Director Chandrasekaran ascended through the ranks to become the leading global IT solution and consulting organization.
Over 800,000 individuals work for the Tata group of companies. Each Tata firm or enterprise functions independently, with its own board of directors guiding and supervising it. As of December 31, 2021, there were 29 publicly traded Tata companies with a total market capitalization of $314 billion (Rs 23.4 lakh crore).