Form of words:
New Delhi: Tata Sons Chairman N Chandrasekaran on Wednesday said there has been no structural change in the leadership of the holding company of the $106 billion salt-to-software conglomerate.
Ratan Tata, the 80-year-old chairman of Tata Trusts, which holds a controlling stake in Tata Sons, separately said he was “deeply disappointed” at speculations of a major reform in the leadership structure in the group.
“I would like to state that there is no structural change in the leadership,” Chandrasekaran said in a brief statement.
The statement comes in connection with a Bloomberg report that said Tata Sons was “considering a historic revamp of its leadership structure by creating a CEO role to help improve corporate governance.”
It said the post of CEO was to be created below the current position of chairman, in order to “guide the vast businesses of the 153-year-old Tata empire.”
Chandrasekaran said any such decision is taken by the nomination and remuneration committee of the board.
“Any such decision, if relevant, is taken by the Nomination and Remuneration Committee,” he said. “We are extremely disappointed with stories that disrupt routine operations.”
In a separate statement, Ratan Tata said, “Such speculation can only cause disruption among the team which is working smoothly with impressive growth in market value.”
“I am deeply disappointed by the recent media reports about a major reform in the organizational structure of the Tata Group, which is believed to be crucial for implementing this change,” he said.
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Read also: Tata considers change in leadership of its 153-year-old empire, may take on CEO role
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