Tata Trusts Chairman Ratan Tata gave his assurance to the shareholders that the Chairman of the Tata Group Natarajan Chandrasekaran’s succession will be decided only after fair and due deliberations by the board.
Responding to the news report titled ‘Chandra Set for Second Term as Tata Sons Chief' by business daily The Economic Times, he was not contacted regarding this. The report said, citing top officials close to the holding company and the Tata Trusts, its majority owner that Chandrasekaran was all set for a second term and it has already been “informally ratified”.
Officials also hinted that while Chandrasekaran’s term ends in 2022, his re-appointment may be cleared “sooner, (rather) than later” to display stability and continuity for investors.
"I would like to state on record that no one has contacted me with regard to this development or approached me on behalf of Chandrasekaran (Tata Sons chairman) on his second term. I would like to assure shareholders that any decision regarding the succession will be taken after fair and due deliberations by the board of Tata Sons," Ratan Tata said in a statement on Monday, the publication reported.
Chandrasekaran also responded saying that no such discussion has happened with Ratan Tata or the trusts or the board of Tata Sons.
Chandrasekaran’s term will end in February 2022 and he’ll get a five-year term if reappointed.
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