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Tata Group chairman N Chandrasekaran to step down in February
Chandrasekaran said his reappointment would not be sought after Tata Sons board members failed to agree on a five-year extension.
N Chandrasekaran, chairman of Tata Group, said he will not seek reappointment when his term ends in February, after the Tata Sons board could not reach agreement on a proposed five-year extension.
The decision comes days ahead of Tata Sons' annual general meeting and has sparked questions about leadership at the salt-to-steel conglomerate that owns Air India, Tata Steel and Jaguar Land Rover, according to BBC Business.
Chandrasekaran said the board did not reach a resolution even six months after the extension proposal first came up, and he pointed to the need for leadership clarity for employees, investors, partners, and other stakeholders.
The article notes that Tata Group is structured so that Tata Trusts, a charitable arm, holds 66% of Tata Sons, and experts have previously cited governance issues tied to the group’s dual non-profit and commercial objectives. It also reports that internal rifts have centered on items such as board nominations, funding approvals, and whether Tata Sons should be publicly listed.