Ratan Tata: Chandra will take Tata group to new heights

Ratan Tata: Chandra will take Tata group to new heights

FPJ BureauUpdated: Thursday, May 30, 2019, 09:59 AM IST
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Also, Chandrasekaran appointed additional director on Tata Steel board

Mumbai & New Delhi : A day after the announcement of N Chandrasekaran as the new chairman of Tata Sons, Ratan Tata on Friday said the appointment is a “well deserved recognition of his proven leadership capabilities” and although the job is complex he will take the group to new heights while protecting its values. Also, the same confidence was seen among the Indian Inc.

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Chandrasekaran’s speech highlight

• At the Tata group, we are at an inflection point. I am aware that this role comes with huge responsibilities.
• It will be my endeavour to help progress the group with the ethos, ethics and values that the Tata group has been built on.
• I am proud to have been part of the Tata family for over 30 years and assuming this position is a great privilege.

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“I congratulate Chandra on his appointment as chairman of Tata Sons and the Group. It is a well deserved recognition of his proven leadership capabilities,” Tata tweeted. He added, “The job is complex but I am sure he will take the group to new heights while protecting the group’s values and ethics at all times.”

On Friday, Tata Steel announced appointment of Chandrasekaran as an additional director of the company with immediate effect. Tata Steel said in a filing to BSE that the appointment was unanimously decision.

Meanwhile, India Inc welcomed the appointment of N Chandrasekaran as Tata Sons’ chairman, hoping he would restore the conditions befitting the values and ethos of Tata, reports PTI.

“Chandrasekaran has a task cut out before him, which is to maintain the leadership of the Tata Group in India Inc without letting some unsavoury past events come in the way. In a way, I am sure, resolution of the issues which had cropped up would be faster with the leadership being well settled now,” Assocham Secretary General D S Rawat said, reports PTI.

“His impeccable record in financial achievements and standards of corporate governance would, no doubt, set new benchmarks for Indian and global industry. We wish him all the very best,” CII President Naushad Forbes said.

Popularly known as ‘Chandra’, the 54-year-old will take charge of Tata Sons, the main holding company of the conglomerate from February 21. He was the CEO and MD of TCS, the cash-cow for the group, since 2009. He had joined the company in 1987. He was appointed as a director on the board of Tata Sons on October 25, 2016.

Post Chandrasekaran, developments at TCS…

New TCS CEO is Rajesh Gopinathan

Country’s largest IT services firm Tata Consultancy Services (TCS) named Rajesh Gopinathan as its new MD and CEO, after N Chandrasekaran elevated as chairman of Tata Sons. TCS also appointed N Ganapathy Subramaniam as president

and COO, reports PTI. Subramaniam, who is currently President (TCS Financial Solutions), has also been appointed as a director on the board of TCS, it added. Previously serving as the chief financial officer at TCS, Gopinathan has been with TCS since 2001. He was appointed as CFO in February 2013. He has also worked with Tata Industries.

TCS stocks declines 4 per cent on Friday trading

TCS ended 4 per cent lower, eroding Rs 17,989 crore from its market valuation, after it flagged issues surrounding H1-B visas in the US as a key headwind and concerns over its future after chief N Chandrasekaran was elevated as chairman of Tata Sons. The blue-chip stock fell 3.90 per cent to end at Rs 2,252 on BSE. During the day, it declined 4.34 per cent to Rs 2,241.50. At NSE, it declined by 4 per cent to close at Rs 2,249.30. On the volume front, 4.57 lakh shares of the company were traded on BSE and more than 51 lakh changed hands at NSE during the day. The stock was the worst hit among the 30 blue-chips on the Sensex.

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