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No structural change at Tata Group on anvil, says N Chandrasekaran

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NEW DELHI: Tata sons President N Chanrasekaran on Wednesday it said there are no structural changes of leadership on the anvil at the holding company of the $ 106 billion salt-to-software conglomerate.
Ratan Tata, the octogenarian chairman of the Tata Trusts that has a majority stake in Tata Sons, said separately that he was extremely disappointed by reports that speculated on a major revamp in the group’s leadership structure.
“I would like to affirm that there are no structural leadership changes on the anvil,” Chandrasekaran said in a short statement.
The statement came in connection with a Bloomberg report that said Tata Sons was considering a “historic revamp of its leadership structure by creating the role of a chief executive officer to help improve corporate governance.”
The CEO position, he said, would be created below the current position of president, to “guide the expanding businesses of the 153-year-old Tata empire.”
Chandrasekaran said such decisions are made by the Board’s Appointments and Remuneration Committee.
“Any decision of this type, if it is relevant, is taken by the Appointments and Remuneration Committee,” he said. “We are very disappointed with these stories causing disruptions to normal operations.”
In a separate statement, Ratan Tata said that “such speculation can only serve to cause disruption among a team that has been running smoothly with impressive growth in market value.”
“I am extremely disappointed with the recent media reports of a major revamp in the organization of the Tata groups through a speculative restructuring of the company that I consider critical to implement this change,” he said.





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