Tata veteran N Chandrasekaran on Tuesday took over as the chairman of Tata Sons, promising to deliver “industry leading” performance in all its businesses.
“We will work together to deliver business performance which is industry leading in all our businesses, and lead ...and not follow,” the 53-year-old Chandrasekaran told reporters outside the iconic headquarters of the $ 103-billion conglomerate —— Bombay House.
“It is an honour and a privilege for me to assume this responsibility...I look forward to the opportunity to serve the group in this new role for the years to come and seek support from everyone so that we can collectively make it happen,” he said.
Mr. Chandrasekaran began his job by chairing a meeting of the Tata Sons Board, sources said.
Mr. Chandrasekaran served TCS for three decades as it rose to become the largest IT company in the country and also the crown jewel of Tata Sons —— the group holding company, which is majority-owned by philanthropic trusts set up by the Tata family.
Mr. Chandrasekaran reached the group headquarters around 9:15 a.m. and within a few minutes, Ratan Tata and other board members arrived.
On Monday, he chaired a TCS Board meeting which declared the country’s largest share buyback worth Rs. 16,000 crore.
Mr. Chandrasekaran succeeds 79-year-old Ratan Tata, who had come back as the interim chairman of the group after a surprise ouster of Cyrus Mistry as the chairman on October 24 last year.
Mr. Mistry's removal led to a bitter corporate battle with Mr. Mistry coming out with not-so-palatable allegations about the functioning of the diversified group, including personal allegations against Mr. Ratan Tata himself.
The Tatas had rubbished all theh allegations and wrested control after removing him from directorships of group companies and finally the holding company.
The group relies heavily on TCS and the acquired British automaker JLR, whereas other traditional businesses that made it a force to reckon with like steel, auto and hospitality, are not at the top of their mark, according to industry watchers.
