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TCS chief N Chandrasekaran appointed as new Tata Sons Chairman

By Newsd
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CEO and Managing Director of Tata Consultancy Services (TCS) Natarajan Chandrasekaran, will be the new chairman of Tata Sons, the holding company that controls the $100 billion Tata conglomerate.

Chandrasekaran will be the first non-Parsi chairman of Tata Sons. He will take charge from February 21, 2017.

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. He takes over from Ratan Tata, who returned as interim chairman of the group following Cyrus Mistry’s ouster. Ratan Tata had headed the Tata group for 21 years before handing the reins over to Mr Mistry in 2012.

“Mr Chandrasekaran has demonstrated exemplary leadership as the Chief Executive Officer and Managing Director of Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead,” board of Tata Sons said in a statement.

The announcement was made after a board meeting of Tata Sons held at the group’s headquarters Bombay House.

Earlier in the day TCS announced its third quarter results, reporting a net profit of Rs. 6,778 crore, beating the Street’s estimates.