Tata Sons has strengthened the Chairman’s office by hiring known investment banker Ankur Verma to join the holding company of the Tata Group. He would be closely working with N Chandrasekaran, who took over as Tata Sons Chairman on February 21, 2017.
“Mr. Ankur Verma has joined us effective March 14, 2017, in the Chairman’s Office,” Group Spokesperson, Tata Sons said while confirming the appointment.
Mr Verma has joined Tata Sons from Bank of America Merrill Lynch where he served as Managing Director (Investment Banking Division).
“He brings with him extensive experience in the areas of corporate planning, strategy, investment banking and mergers & acquisitions,” Tata Sons Group Spokesperson said.
Mr. Verma has done PGDM from the Indian Institute of Management, Calcutta, after graduating in Mechanical Engineering from the Delhi College of Engineering.
This is the first big time hiring at Tata Sons from outside the group after former Chairman Cyrus Mistry was ousted from his position as well as from the group in a bitter power struggle.
The Group Executive Council (GEC) which was set up by Mr Mistry was disbanded soon after his removal. GEC members Madhu Kannan, Professor Nirmalya Kumar and NS Rajan who were hired from outside were asked to go and other GEC members Tata insiders Mukund Rajan and Harish Bhat were transferred to different roles.
The GEC used to provide strategic and operational support to the former Chairman Mr Mistry. It is still not known whether Tata Sons would revive the GEC or a similar model will be set up to provide support to the chairman in running the group. Some more top professionals are likely to join Tata Sons soon.
During Mr Ratan Tata’s tenure Tata Sons had Group Corporate Centre (GCC) and Group Executive Office (GEO) that provided strategic support to the chairman. Those were discontinued by Mr Mistry.
