Tata Chemicals, a Tata Group company, on Tuesday announced that it has appointed N. Chandrasekaran as an additional director and chairman of the board of directors of the company effective November 24, 2020. Currently, he is the chairman designate of Tata Sons, the holding company of Tata Group.
"The board of directors of the company have today, based on the recommendations of the nomination and remuneration committee, appointed N. Chandrasekaran as an additional director and chairman of the board of directors of the company w.e.f. November 24, 2020," Tata Chemicals said in a filing to the BSE.
Chandrasekaran joined the board of Tata Sons in October 2016 and was appointed chairman in January 2017. He also chairs the boards of several group operating companies, including Tata Steel, Tata Motors, Tata Power, and Tata Consultancy Services (TCS) -of which he was Chief Executive from 2009-17.
His appointment as chairman of Tata Sons followed a 30-year business career at TCS, which he joined from university. Chandrasekaran rose through the ranks at TCS to become the CEO and Managing Director of the leading global IT solution and consulting firm. Under his leadership, TCS generated total revenues of $16.5 billion in 2015-16 and consolidated its position as the largest private sector employer in India and the country's most valuable company.
In addition to his professional career at Tata, Chandrasekaran is a director on the board of India's central bank, the Reserve Bank of India, since 2016. He is on the International Advisory Council of Singapore's Economic Development Board. He is the Chairman of Indian Institute of Management Lucknow as well as the President of the Court at Indian Institute of Science Bengaluru. He is the member of Bocconi's International Advisory Council and the Co-Chair India US CEO Forum.
In a separate development, Tata Chemical announced that Bhaskar Bhat has tendering his resignation as the director of the company effective November 24, 2020.
Ahead of the announcement, shares of Tata Sons closed Tuesday's trade at Rs 367.30, up 2.5 per cent, against previous closing price of Rs 358.35 on the Bombay Stock Exchange.
By Chitranjan Kumar