Tata Consultancy Services CEO Nataraja Chandrasekaran has reportedly been named the new Chairman of Tata Sons, the holding company of the $103 Bn Tata Group.
The announcement was made after an unscheduled board meeting called at 4 PM today, where Chandrasekaran was appointed as per the unanimous recommendation of the Selection Committee. He will take charge from February 21, 2017.
Chandrasekaran’s appointment comes less than three months after Cyrus Mistry was removed as chairman on October 24. Chandrasekaran, 53 and a Tata Group veteran, was earlier heading IT outsourcing firm Tata Consultancy Services, company with a market capitalisation of $67 Bn.
N Chandrasekaran has been the CEO and Managing Director of Tata Consultancy Services since 2009. Since October 2016, he has also served on the board of Tata Sons.
“Mr. Chandrasekaran has demonstrated exemplary leadership as the Chief Executive Officer and Managing Director of Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead,” said the Board of Tata Sons.
Thanking the board and interim chairman Ratan Tata for the appointment, Chandrasekaran said, “I am proud to have been part of the Tata family for over 30 years and assuming this position is a great privilege.”