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Noel Tata’s planned exit from six Tata Group company boards follows the conglomerate’s retirement norms, while he retains his Tata Sons seat amid a governance dispute over N Chandrasekaran’s reappointment
Noel Tata, chairman of Tata Trusts, is set to step down from the boards of six Tata Group companies on November 12, when he turns 70, while retaining his position as a nominee director on the board of Tata Sons, the group’s holding company.
The exits are in line with the Tata Group’s retirement norms for directors reaching the age of 70. Noel Tata’s departure from the six boards will mark a change in his formal roles across the conglomerate, but he will continue to have a seat on the board of Tata Sons, according to a Moneycontrol report published on October 28.
The development comes amid a governance dispute involving Noel Tata and Tata Sons chairman N Chandrasekaran over Chandrasekaran’s proposed reappointment for another five-year term. However, Noel Tata’s planned exits from the operating-company boards are linked to the group’s retirement norms and should not, by themselves, be viewed as a consequence of the dispute.
Which six Tata boards will Noel Tata exit?
Noel Tata holds senior board positions across several Tata Group businesses. These include Trent, Voltas, Tata Investment Corporation, Tata International, Tata Steel and Titan Company.
More from BusinessHis departure from the six boards will affect businesses spanning retail, consumer durables, investments, steel and jewellery.
Noel Tata has played a significant role in the expansion of Trent, the Tata Group company behind retail brands such as Westside and Zudio. The business has grown into a major player in India’s organised retail market, with its value-fashion brand Zudio becoming an important part of its expansion strategy.
His exit from the six boards does not amount to a complete withdrawal from the Tata Group. He will continue as a nominee director on the Tata Sons board and as chairman of Tata Trusts.
