Tatas form committee to select successor
The process to find a successor to Tata group chief Ratan Tata has gathered momentum with Tata Sons — the main holding company of the group — setting up a committee to identify a suitable person. Announcing that the committee “has commenced its work”, Tata Sons on Wednesday said the Board of Tata Sons, in accordance with its Articles of Association, has formed a selection committee, comprising five members including an external member, for eventually deciding on a suitable successor to Ratan Tata. Tata is due to retire at the end of December 2012.
With this announcement, the Tatas have made it clear that the succession issue is still open and the successor will be a person who will be acceptable to other senior leaders in the group. There was intense speculation in corporate circles that Noel Tata — who was recently appointed as the MD of Tata International and chairman of Tata Investment Corporation — was leading the race to step into the shoes of Ratan Tata.
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