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.
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.
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.
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, to the Times Of India.
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. Kumar disclosed that both Tata Sons and Tata Trusts will have different chairpersons.
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.