Noel Tata To Step Down From 6 Tata Group Boards At 70
MUMBAI-Noel Tata, chairman of Tata Trusts, is set to step down from the boards of six major Tata Group companies on November 12, when he turns 70, in line with the conglomerate’s retirement policy for non-executive directors.
The six companies affected are Trent, Voltas, Tata International, Tata Investment Corporation, Tata Steel and Titan Company. Noel Tata is non-executive chairman of Trent, Voltas, Tata International and Tata Investment Corporation, and non-executive vice-chairman of Tata Steel and Titan.
Despite stepping down from these operating-company boards, Noel Tata will continue as a nominee director of Tata Trusts on the board of Tata Sons, the group’s holding company. Tata Trusts collectively owns around 66 per cent of Tata Sons, giving it a significant role in the conglomerate’s governance.
He will also continue in his role at Trent Hypermarket Ltd, the joint venture between Trent and Tesco that operates the Star Bazaar and Star Daily retail chains.
Succession arrangements for his other directorships have yet to be formally announced. His departure will require leadership transitions at the four companies where he serves as non-executive chairman, as well as changes to the vice-chairmanship positions at Tata Steel and Titan.
The transition comes amid a wider governance dispute between Noel Tata and Tata Sons chairman N. Chandrasekaran who is viewed in critic circles as diluting the Tata ownership and heeding to the government in power. (IANS)
