: N. Chandrasekaran gets second term at Tata Sons #finance #StockMarketNEWS #Business Press Trust of India New Delhi N. Chandrasekaran was on Friday reappointment as the chairman of Tata Sons

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N. Chandrasekaran gets second term at Tata Sons #finance #StockMarketNEWS #Business
Press Trust of India

New Delhi

N. Chandrasekaran was on Friday reappointment as the chairman of Tata Sons the holding company of the salt-to-software Tata Group for a second five-year term.

His reappointment was backed by Ratan Tata, chairman of Tata Trusts, the majority owners of Tata Sons.

Tata Sons board met on Friday to review the last five years and consider the reappointment of its Executive Chairman N. Chandrasekaran, it said in a statement.

“Ratan N. Tata who was a special invitee to this meeting expressed his satisfaction on the progress and performance of the Tata Group under the leadership of Chandrasekaran. He recommended his term be renewed for a further five-year period,�? it said.

The Board commended the performance of the Executive Chairman and “unanimously approved the reappointment of Chandrasekaran as the Executive Chairman for the next five years. �?

Chandrasekaran, said, “It has been a privilege to lead the Tata Group for the last five years and I am delighted at the opportunity to lead the Tata Group for another five years, in its next phase. �?

Chandra, as he is usually referred to, took over the reins of Tata Sons in 2017 at a time when the group faced a leadership crisis and a trust deficit after the ouster of his predecessor, Cyrus Mistry, by the board. Until then, Chandra, a trusted lieutenant of the Tatas, had helmed TCS, the crown jewel and cash cow of the group.

A large part of Chandra’s tenure was spent fighting the legal battle with Mistry.

He joined the Tata Sons board in October 2016, was designated chairman in January 2017 and took official charge in February 2017. He also chairs the boards of operating companies such as Tata Steel, Tata Motors, Tata Power and TCS.

Continuity in leadership will give investors and stakeholders confidence in the 154-year-old conglomerate that makes salt to luxury sedans. The group is working on an all-in-one e-commerce super-app one of Chandra’s key projects to market its swathe of consumer products and services as part of a digital makeover.

The group is also reinventing its aviation businesses after successfully acquiring Air India Ltd from the central government last year.

Under Chandra, Tatas sold the mobile phone business of Tata Teleservices to Bharti Airtel in an attempt to cut losses. In May 2018, the group made one of the biggest acquisitions to date when Tata Steel took over Bhushan Steel by paying Rs 35,200 crore under the insolvency process.

Tata Steel, which managed to turn around the company renamed as Tata Steel BSL, however, couldn’t close a deal to sell its European business to ThyssenKrupp.