N Chandrasekaran: Have asked board to decide succession

Tata Sons Chairman, N Chandrasekaran, released a statement on his decision to resign, "I have communicated to the Tata Sons Board that I have decided not to offer myself for reappointment when my term ends on Feb 20, 2027. I have asked the Board to decide on the succession soon to ensure a proper transition..."

In a statement, Chandrasekaran said, "I have completed 40 years of professional life at the Tata Group. I am grateful for the immensely satisfying opportunity to contribute to this venerable institution. Leading Tata Sons over the past decade has been a great honour and a profound responsibility."

Chandrasekaran said the Sir Dorabji Tata Trust and Sir Ratan Tata Trust - majority shareholders in Tata Sons - had unanimously recommended extending his term by five years, with the proposal subsequently recorded and recommended by the Tata Sons Nomination and Remuneration Committee and the Board.

The proposal was tabled at a Tata Sons Board meeting on February 24 but was not carried through after one Board member did not support it, Chandrasekaran said.

"In the absence of unanimous support, I chose to defer the decision," he said in a statement.

Chandrasekaran said no resolution had been reached in the six months since that Board meeting, adding that clarity over leadership was important as Tata Sons oversees several strategic projects at critical stages.