Update: Natarajan Chandrasekaran will take over the position on February 21: Tata Statement.
Mumbai: Natarajan Chandrasekaran, the CEO and Managing Director of Tata Consultancy Services (TCS), is named chairman of Tata Sons, the holding company of the Tata conglomerate, sources have said. He is replacing Cyrus Mistry.
Mr Chandrasekaran, 53, has been chief executive of TCS, India’s biggest outsourcer, since 2009. He was appointed as a director on the board of Tata Sons days after Cyrus Mistry was removed as chairman of the group in October.
TCS also announced its third quarter results on Thursday. A board meeting of Tata Sons is being held at the group’s headquarters Bombay House after the TCS results were announced.
Under Mr Chandrasekaran’s leadership, TCS generated consolidated revenues of $16.5 billion in 2015-16. The crown jewel of the Tata group also remains the most valuable company in India with a market capitalization of nearly Rs. 4.2 lakh crore.
Mr Chandrasekaran joined TCS in 1987 after completing a Masters in Computer Applications from the Regional Engineering College, Trichy in Tamil Nadu.
Tata Sons had on October 24 removed Cyrus Mistry as chairman in a surprise move and named group patriarch Ratan Tata as interim chief, also setting up a selection committee to find the next chairman. The selection committee included Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya. All of them, except Mr Bhattacharya, are on the board of Tata Sons.
Mr Mistry’s ouster has been followed by a bitter public spat between him and the group. Mr Mistry, who is still a director on the Tata Sons board, has contested his removal as chairman in the National Company Law Tribunal (NCLT), a quasi-judicial body that deals with corporate grievances in India.
Mr Mistry, who was chairman for almost four years, has alleged breach of governance within the Tata group, a charge that Tata Sons has denied saying it has followed the highest standards of corporate governance.
Tata Sons has called an extraordinary general meeting on February 6 to remove Mr Mistry from its board. The Tatas have filed a legal notice against Mr Mistry, accusing him of breaching confidentiality rules, and alleging he that he shared “confidential data, business strategies, financial information” related to Tata Sons.