Mumbai: Tata Group company Voltas chairman Noel Tata on Tuesday announced that he will step down from the post, saying the company’s 72nd annual general meeting (AGM) would be his last as chairman.
The announcement comes nearly a week after Tata revealed his decision to relinquish the chairmanship of Trent, the Tata Group’s retail arm.
Addressing shareholders at Voltas’ AGM, the 69-year-old said he would be stepping down from the leadership role he has held since 2017.
“As you might be aware, this will be my last annual general meeting as Chairman,” Tata told shareholders during his address.
Expressing confidence in Voltas’ future, Tata said the company had developed a strong leadership pipeline through a combination of internal promotions and external hiring, which would help sustain growth across its businesses.
“The company has developed our next generation of leaders, from both in-house promotions and lateral hires. I am confident that with the close cooperation of seasoned practitioners and new talent, your company will continue to take big strides in all business segments,” he said.
Tata thanked shareholders, employees and business partners for their continued support and said he was satisfied with the company’s current position and optimistic about its future growth.
“I would like to sincerely thank all our shareholders, colleagues and partners for your trust, understanding and constant support over the years,” he said.
Noel Tata joined Voltas’ board on January 27, 2003, and was appointed non-executive chairman on September 1, 2017, succeeding Ishaat Hussain.
His latest announcement follows a similar statement made at Trent’s annual general meeting on June 23, where he said he would step down as chairman of the retail company.
Tata, who also serves as chairman of Tata Trusts, the largest shareholder of Tata Sons, will turn 70 in November this year. Under the Companies Act, 2013, a managing director or whole-time director cannot be appointed or continue in office beyond the age of 70 without meeting prescribed conditions. However, the rule does not apply to non-executive chairpersons.
Tata said he was pleased that Voltas had entered the new financial year on a strong footing. He highlighted that the company’s room air conditioning business crossed the milestone of one million units in a record 81 days, reinforcing its market position.
“I have great satisfaction that Voltas stands strong today, having entered the new financial year on a strong note. Our room air conditioning business crossed the milestone of 1 million units in a record 81 days, reaffirming its undisputed market leadership,” he said.
With IANS inputs