'No one has approached me': Ratan Tata on Chandrasekaran's second term
Amid reports that Tata Sons Chairman N. Chandrasekaran is set to get a second term, Tata Trusts chairman Ratan Tata has said any decision regarding succession at Tata Sons will be done after due deliberations by the board. "I would like to state on record that no one has contacted me with regard to this development or approached me on behalf of Chandrasekaran (Tata Sons chairman) on his second term. I would like to assure shareholders that any decision regarding the succession will be taken after fair and due deliberations by the board of Tata Sons," Ratan Tata said in a statement on Monday, as mentioned in a report.
A media report had said that a second term for Chandrasekaran was "informally ratified" by stakeholders at Tata Sons.
Meanwhile, Chandrasekaran said on Monday succession is something that the nomination and remuneration committee of Tata Sons and the board, excluding him, will deliberate at the appropriate time. "No discussion on this has happened with Ratan Tata or the trusts or the board of Tata Sons. Such discussions are first to be tabled to the board before any decisions are taken," he said.
Chandrasekaran's first term ends in February 2022. Tata Sons chairman usually gets a five-year term when selected.