ratan tata refutes media report: ratan tata rules out leadership revamp in Tata Sons
- Ratan Tata refutes reports of change in top leadership of Tata Sons
- A Bloomberg report claimed that the company is planning such
- Tata Sons chairman N Chandasekaran also termed it as media speculation.
Tata Group veteran Ratan Tata and Tata Sons chairman N Chandrasekaran have denied the news of a change in the top leadership of Tata Sons. Bloomberg had reported, citing sources, that Tata Sons, the holding company of the country’s largest industrial house Tata Group, may make drastic changes in its leadership structure. The report said that the post of Chief Executive Officer (CEO) could be created in the company to improve corporate governance.
According to the report, the approval of Tata Trusts Chairman Ratan Tata is considered important for the change in the leadership structure. But Ratan Tata denied this report in a statement released on Wednesday. He said that he was deeply disappointed by such media reports. Such speculation can only create disturbance in the work of the team which is doing its job smoothly.
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what chandrasekaran said
Tata Sons Chairman N Chandrasekaran said there are no plans to change the leadership structural in the company. This is only speculation by a section of the media. If such a decision is taken, it is taken in the Nomination and Remuneration Committee. We are deeply disappointed by such news which interferes with our regular operations.
A Bloomberg report quoted sources as saying that Chandrasekaran’s term was ending in February but an extension was being considered. Also, the names of heads of various Tata Group companies, including Tata Steel Limited, are being considered for the post of CEO. A final decision has not been taken about this yet and its plan and details may change.
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Ratan Tata’s influence
The Tata Group does more than 100 businesses and the number of listed companies is more than 2 dozen. The combined annual revenue of the group in 2020 was $106 billion. The number of employees of the Tata Group is 750,000. Ratan Tata, 83, says he is no longer involved in the group’s business decisions, but he still has considerable influence over the group’s management through Tata Trusts. Ratan Tata was the chairman of Tata Sons from 1991 to 2012.
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