Mumbai, Maharashtra, India
Jan 12, 2017, 01.34 PM
Tata Sons' board has named Tata Consultancy Services head N Chandrasekaran as the chairman of Tata Sons
Rajesh Gopinath will become the chairman of Tata Consultancy Services (TCS), the position that was so far occupied by Chandrasekaran.
The $100-billion conglomerate Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt, had ousted its chairman Cyrus Mistry in October.
"I will reach out to everyone. Chairmanship of Tata Sons is a huge responsibility," the incoming chairman said.
Ratan Tata, patriarch of one of India's most influential families, had taken over as interim chairman of Tata Sons after the board ousted Mistry.
TCS head N Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry. In October, Tata Sons' board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months.
A masters degree holder in computer applications, Chandrasekaran joined the group in 1987, and rose through the ranks to become TCS CEO in 2009.
He was named to the Tata Sons board in October, after Mistry's ouster. Chandrasekaran also serves on the board of Reserve Bank of India.
A short bio on the central bank's website describes him as an avid photographer, music aficionado and a passionate long-distance runner who has completed marathons across the world.
TCS is India's largest software services exporter and registered a 10.9 per cent rise in profit for the quarter to December. TCS is the most lucrative wing of Tata Sons.
Mistry's removal from the Tata board ignited a bitter public spat in recent weeks.
Mistry laid out three sets of allegations: breaches of governance within the Tata group; misconduct at Tata ventures; and the illegality of his ouster.
Tata Sons denies Mistry's allegations and says it has followed the highest standards of corporate governance.