The $100 billion salt-to-software conglomerate Tata Sons has named current TCS chief N Chandrasekaran as its new head. Chandrasekaran will move into his new role on February 21.
Tata Sons, the holding company of the Tata Group - a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt pans - ousted its chairman Cyrus Mistry in October, sparking a bitter public spat.
We believe he (Natarajan Chandrasekaran) will inspire Tata group to realise its potential acting as leaders in respective businesses, Tata Sons said in a statement.
Chandrasekaran, 53 and a Tata Group veteran, currently heads IT outsourcing firm Tata Consultancy Services, India's most-valuable company with a market capitalisation of $67 billion.
A masters degree holder in computer applications, Chandrasekaran joined the group in 1987, and rose through the ranks to become TCS CEO in 2009.
He was named to the Tata Sons board in October, after Mistry's ouster. Chandrasekaran also serves on the board of the Reserve Bank of India.
Tata Sons held a board meeting on Thursday afternoon, at which Chandrasekaran was unanimously endorsed as the new chairman, TV station CNBC TV18 reported, citing an unnamed board member.
Television stations also said TCS chief financial officer Rajesh Gopinathan would be appointed as the software services company's chief executive.
Ratan Tata, patriarch of one of India's most influential families, had taken over as interim chairman of Tata Sons after the board ousted Mistry.
In October, Tata Sons' board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months.
He is absolutely the perfect choice, a great leader: Ishaat Hussain, TCS Director on Natarajan Chandrasekaran to be next Tata Sons Chairman pic.twitter.com/wUfrrHxxWG— ANI (@ANI_news) January 12, 2017
(With inputs from other agencies)