Ratan Tata likely to quit as chairman of Tata Trusts
- Tata Trusts to have a new chairman.
- The new appointee will work as deputy chairman under Ratan Tata before taking over.
- Tata Sons and Tata Trusts will have separate chairpersons.
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It is most likely that Ratan Tata may soon resign from the position of Chairman of Tata Trusts, which has 66% control over Tata Sons, the holding company of Tata Group.Â
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According to reports, the Trusts might be getting its new chairman by mid-2017 and Ratan Tata is most likely to remain a trustee. The Trusts has consulted an external consultant for advising on the selection procedure. Initially, the new appointee will be work as deputy chairman under Ratan Tata before taking over.Â
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The new chairman will be an Indian citizen and not necessarily a Tata family member, or a Parsi, confirmed a trusted source of the company, RK Krishna Kumar, Â to the Times Of India.Â
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The resignation of Ratan Tata is expected to put an end to various speculation regarding his control over Tata Sons and amidst speculations that Tata Sons will also be naming a new chairman by the end of February next year. Â Kumar disclosed that both Tata Sons and Tata Trusts will have different chairpersons. Â
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In 2016, Tata Sons, Tata Trusts, and Tata Group has been in the news due to sudden ousted of Cyrus Mistry from the chairmanship of Tata Sons.Â