Tata Sons may have a new Chairman by the end of the day, with officials saying the selection of a replacement for the ousted Cyrus Mistry is imminent, people privy to developments at the conglomerate told CNBC-TV18.
They said that an unscheduled board meeting would take place Thursday at 5 pm, adding that the five-member selection committee is likely to have zeroed in on a "well-known insider" for the top job. Ratan Tata has been serving as interim Chairman since the Tata Group removed Cyrus Mistry on October 24.
Sources also said that Tata Sons Board may create a new position of Vice-Chairman and expand the top deck.
Industry experts such as former Infosys executive Mohandas Pai said Tata Sons needs an outsider as chairman, referring to some stressed companies of the conglomerate. Most of the Tata group companies need a new direction, he said.
Pai further said that he would be disappointed if TCS Chief Executive N Chandrasekaran is appointed Tata Sons Chairman. He added that Chandrasekaran needs to be at the helm of TCS in the current environment.
The USD 103-billion conglomerate had earlier set a February deadline to finalise a Chairman for holding company Tata Sons. People familiar with the matter said the five-member selection committee comprising interim Chairman Ratan Tata, TVS Group Chairman Venu Srinivasan, Bain Capital’s Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, had held several meetings in recent weeks to zero in on a new pick.
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