Tata Sons chairman N Chandrasekaran's tenure extended amid reports of ‘power struggle’
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Mumbai: Tata Sons has decided to extend the tenure of its chairman N Chandrasekaran in a significant departure from the company’s retirement policy, NDTV reported.
Currently serving his second term as chairman, his tenure will end in 2027 by the time he will turn 65.
Now that the trustees have cleared a third five-year executive term for him, Chandrasekaran will retire when his tenure ends in 2032 at age 70.
It is reported citing NDTV Profit that Tata Trusts, which holds a 66 per cent stake in Tata Sons, has backed the continuation of leadership in key strategic areas.
Chandrasekaran came on the Board of Tata Sons in October 2016 and he was made chairman in January 2017.
The key decision to extend its chairman’s tenure comes as Tata Trusts is reportedly in the midst of a dispute in the boardroom.
Citing local media reports CNBC reported that ‘a power struggle is brewing inside one of India’s most powerful business empires’.
Confirming the speculation, the outlet cited footage of Noel Tata, the chairman of Tata Trusts, meeting Home Minister Amit Shah at his residence where Finance Minister Nirmala Sitharaman, Tata Sons Chairman N Chandrasekaran among others were reportedly present.