Tata Sons board has approved the re-appointment of Executive Chairman N Chandrasekaran for another five years, the Indian multinational conglomerate said in a statement Friday. The board members unanimously approved the reappointment of N Chandrasekaran, the company said. Ratan Tata, the chairman emeritus of the group, was a special invitee to this meeting; he also recommended that Chandra’s term be renewed for a further five-year period. Chandra, as he’s popularly called, whose first term will end on February 20, is the first non-family executive heading the company. Ratan Tata expressed his satisfaction on the progress and performance of the Tata Group under Chandra’s leadership, the company said.
“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,” N Chandrasekaran said in the statement.
Chandrasekaran previously served as the chief executive of Tata Group’s Tata Consultancy Services (TCS). He was appointed as the additional director of the company in 2016, a day after Cyrus Mistry was removed from the position of chairman. He took over as the chairman of the conglomerate with effect from February 2017.
The unanimous approval of N Chandrasekaran as the chairman is significant as it indicates the company’s business and leadership continuity. Under Chandrasekaran’s leadership, the company won its bid for Air India, which was formally transferred from the government last month. One of the tasks for the chairman would be the revival of Air India, which has not made money since the time of its merger with Indian Airlines. The carrier has also seen a substantial reduction in its market share over the years. Tata Group, which also owns Vistara and AirAsia, has already laid down a 100-day blueprint for improving operational and service standards of the airline, according to reports.
“We are excited to have Air India back in the Tata group and are committed to making this a world-class airline. I warmly welcome all the employees of Air India to our group, and look forward to working together.” Chandrasekaran had said at the time of completion of Air India transfer.
Another area of interest is expected to be the company’s investments in new age internet businesses, which has been seen over the last year, notably, Tata Group’s acquisition of grocery delivery firm Big Basket, and health-tech platform 1MG. The company has earlier said it plans to create a digital ecosystem that addresses consumer needs across various categories.
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