A panel will recommend the next chairman of India's largest conglomerate Tata Sons, the charitable arm that controls the group said on Thursday, a day after N. Chandrasekaran said he would not seek reappointment at the end of his term in February.
The Sir Dorabji Tata Trust, part of Tata Trusts and one of the two principal charitable trusts that own Tata Sons, has passed a resolution to initiate the setting up of a selection committee "as soon as possible", Tata Trusts said in a statement.
The Sir Dorabji Tata Trust and the Sir Ratan Tata Trust collectively owned more than 50% of Tata Sons as of March 31, according to the Tata Sons annual report.
"We extend our full support to Tata Sons in ensuring a smooth, timely and orderly transition of leadership, consistent with the values and long-term interests of Tata Sons and the Tata group," Tata Trusts said.
Earlier this year, Tata Sons — which controls more than 30 Tata companies, including IT firm TCS (TCS.NS), Tata Motors (TAMO.NS) and Air India — postponed a decision on reappointing Chandrasekaran as chairman after Noel Tata, chairman of Tata Trusts, opposed the move.
Chandrasekaran cited the lack of board backing as the reason for his departure.
