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Ratan Tata steps down from Fiat's board

Source : BUSINESS_STANDARD
Last Updated: Tue, Jul 24, 2012 19:10 hrs

Tata Sons Chairman Ratan Tata has stepped down from the board of Italian car maker Fiat SpA after serving the company for six years as an independent director.

Tata joined the Fiat board in 2006, a few months before the two companies announ-ced an industrial joint venture in India for joint manufacturing and marketing of cars.

An email reply from Tata Sons spokesperson stated, “Ratan N Tata was on the Board of Fiat SpA, at their invitation, in his personal capacity. He stepped down from their Board in April this year to reduce his engagements.”

At the time of appointment Tata’s name was proposed by the Agnelli family, which then controlled IFIL, a company that held 30 per cent stake in Fiat Spa. He was one of the three independent directors appointed then and remains the only Indian to serve on the board of the Italian auto giant.

On the sidelines of the 11th Auto Expo held in Delhi in January, Tata had evinced interest in continuing on the boards of non-Tata companies, including Fiat and US-based Alcoa. The 15-member Fiat board has eight independent directors.




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