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Tata Sons Ltd board on Friday considered and approved the re-appointment of its executive chairman N Chandrasekaran for another five years.
Ratan Tata, who was a special invitee to the board meeting expressed his satisfaction on the progress and performance of the Tata Group under the leadership of N Chandrasekaran. He recommended his term be renewed for a further five-year period.
The continuity in leadership comes as the 154-year-old conglomerate that makes salt to luxury sedans, is working on an all-in-one ecommerce superapp -- one of Chandrasekaran’s key projects -- to market its swathe of consumer products and services as part of a digital makeover. The group is also reinventing its aviation businesses after successfully acquiring Air India Ltd. from the federal government last year.
“It has been a privilege to lead the Tata Group for the last five years and I am delighted at the opportunity to lead the Tata Group for another five years, in its next phase," Chandrasekaran said.
Chandrasekaran's current tenure as the chairman of the company expires at the end of this month.
Chandrasekaran joined the board of Tata Sons in 2016 and took over as Chairman in 2017 at a time when the group was mired in crisis after the ouster of his predecessor Cyrus Mistry in a shock boardroom coup led by Ratan Tata, who heads Tata Trusts - a bunch of philanthropic organizations that hold 66% stake in Tata Sons.
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 Officer from 2009-17.
Chandrasekaran's appointment as Chairman followed a 30-year business career at TCS, which he joined from university. Chandra rose through the ranks at TCS to become 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. TCS has also been placed among the “Big 4" most valuable IT services brands worldwide, ranked as one of the world’s most innovative companies by Forbes and recognized as a global top employer by the top employers Institute across 24 countries.
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