Company - - Jan 13,2017
Tata Group appointed veteran insider Natarajan Chandrasekaran as its new chairman, looking to calm its markets after a stand-off with its outgoing chairman Cyrus Mistry.
Chandrasekaran, commonly referred to as Chandra, is one of the best known faces within the Tata Group. The 53 year old is the chief executive of India’s high profile global IT service provider – TCS (Tata Consultancy Services), since 2009. He will become the seventh chairman of the Tata Group.
Tata Sons, the holding company of the listed Tata Group companies, made this announcement after it met at Bombay House, the headquarters of the Tata Group. Tata’s business empire is endless as it ranges from Jaguar Range Rover (JLR) and steel mills to aviation and salt pans, hotel chains and automobiles under its own brand.
The company got into a spat with its last chairman days after his appointment. It then got involved in a legal battle with Cyrus Mistry since October last year. Tata Sons has summoned an extraordinary general meeting on February 6 to remove him as the director, which Mistry has challenged.
Ratan Tata, patriarch of Tata Group had earlier taken over as the interim chairman of Tata Sons after the board had ousted Mistry.
Chandra’s journey with the Tata Group is three decades old. He joined the company in 1987 after completing a Master's degree in computer applications from the National Institute of Technology in Trichy in the southern state of Tamil Nadu in India.
Most interestingly, Chandra is the first chairman outside India's affluent Parsi community (Zoroastrians) to be appointed for the post. The $100 billion enterprise has ever since been controlled by a Parsi family and for many analysts this decision marks a huge shift.