Tata Trusts sets up selection committee for new Tata Sons chairman

Management

โดย InfoQuest·

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Tata Trusts has announced the urgent formation of a selection committee to nominate a new chairman of Tata Sons, after current chairman N. Chandrasekaran said he would not continue when his term ends in February next year, citing a lack of support from the board. The Sir Dorabji Tata Trust, one of the two main charitable foundations, approved starting the selection committee process as soon as possible. The Sir Dorabji Tata Trust and the Sir Ratan Tata Trust together hold more than 50 percent of Tata Sons, the parent company that controls more than 30 subsidiaries such as TCS, Tata Motors and Air India. The decision stems from earlier this year, when Tata Sons postponed a decision on extending Chandrasekaran's chairmanship after Noel Tata, chairman of Tata Trusts, expressed opposition, ultimately leading to his departure announcement. The situation sent shares of Tata Group companies broadly lower in trading on Wednesday, including TCS, Tata Steel, Tata Motors, Titan and Trent.