Tata Trusts Chairman Ratan Tata said that he has not been approached by anyone with regards to Tata Sons Chairman N Chandrasekaran’s second term. Tata said in a statement that any decision regarding the succession will be taken after ‘fair and due deliberations’ of the board. The clarification came after reports suggested that Chandrasekaran was set for a second term as Tata Sons chief.
"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, as mentioned in a report in The Economic Times.
The initial article dated June 22, also by the daily, said that a second term for Chandrasekaran has been ‘informally ratified’ as stakeholders appreciated the Tata Sons chief’s performance.
Officials had told the daily that the reappointment was a “non-issue” and would sail through.
One official told the daily that while there is still time for the term to end, the reappointment is just a formality and that key stakeholder Tata Trusts is confident about Chandrasekaran.
Chandrasekaran, too, had said that the succession is something that the nomination and remuneration committee of Tata Sons and the board, excluding him, would deliberate on. He had said that no discussions have happened with Ratan Tata, the trusts or the board.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today