Tata Trusts Chairman Ratan Tata has informed shareholders that a decision on the succession of Chairman of the Tata Sons N Chandrasekaran will be taken after due deliberation by the board.
"I would like to state on record that no one has contacted me with regard to this development or approached me on behalf of Chandrasekaran (Tata Sons chairman) on his second term. I would like to assure shareholders that any decision regarding the succession will be taken after fair and due deliberations by the board of Tata Sons," Ratan Tata said in a statement on July 26.
His statements came after Economic Times reported that N Chandrasekaran was already informally ratified for his second term as the chairman of the company. Chandrasekaran’s five-year term ends in February 2022.
The report quoted top officials close to the company who said that the reappointment was a "non-issue" and Chandrasekaran would still helm the company for continued stability and investor confidence.
Chandrasekaran also clarified on July 26 that no such discussions had taken place yet. He stated that any such discussions will involve the board of Tata Sons, which will make the decision after due deliberation.
"No discussion on this has happened with Ratan Tata or the trusts or the board of Tata Sons. Such discussions are first to be tabled to the board before any decisions are taken," he had said.