Tata Consultancy Services CEO Nataraja Chandrasekaran was today named the new Chairman of Tata Sons, the holding company of the $103 billion Tata Group.
Chandrasekaran ‘s appointment comes less than three months after Cyrus Mistry was removed as chairman on October 24. Mistry’s dismissal led to a bitter spat between him and group patriarch Ratan Tata, who has served as interim Chairman since his departure.
Rajesh Gopinathan has been appointed TCS’ new CEO.
Thanking the board and interim chairman Ratan Tata for the appointment, Chandrasekaran said, “I am proud to have been part of the Tata family for over 30 years and assuming this position is a great privilege.”
“He (Chandrasekaran) is absolutely the perfect choice, a great leader,” TCS Director Ishaat Hussain said, ANI reported.
The announcement of Chandrasekaran’s appointment was made well ahead of the February 24 deadline for selecting a new Chairman.
A five-member panel comprising Ratan Tata, TVS Group head Venu Srinivasan, Amit Chandra of Bain Capital, former diplomat Ronen Sen and Lord Kumar Bhattacharya, was constituted in October to shortlist candidates for the position, the Economic Times reported.
N Chandrasekaran has been the CEO and Managing Director of Tata Consultancy Services since 2009. Since October 2016, he has also served on the board of Tata Sons.
His appointment as Tata Sons Chairman comes at a time when the company is fighting a legal battle at the National Company Law Tribunal (NCLT) against Cyrus Mistry, who has challenged his ouster.
Yesterday, two investment firms owned by the Mistry family filed a contempt application at NCLT against Tata Sons’ move to remove him as director, and sought an order to restrain the company from going ahead with the EGM called on February 6 to remove him.
Mistry has alleged that Tata and other trustees of the Tata Trusts an ran alternate power centre during his tenure, and that he was reduced to being a “lame duck Chairman”.
Article Source: Times of India