New Delhi [India], Jan 12: Tata Sons may today announce the name of its new Chairman, with officials saying the selection of a replacement for the ousted Cyrus Mistry is imminent. As per CNBC-TV18, a person close to the developments had reported of an unscheduled board meeting on Thursday at 5 pm, adding that the five-member selection committee is likely to have zeroed in on a “well-known insider” for the top job.
Ratan Tata has been serving as interim Chairman since the Tata Group removed Cyrus Mistry on October 24. According to sources, the Tata Sons Board may create a new position of Vice-Chairman and expand the top deck. The USD 103-billion conglomerate had earlier set a February deadline to finalize a Chairman for holding Tata Sons.
People familiar with the matter said the five-member selection committee comprising interim Chairman Ratan Tata, TVS Group Chairman Venu Srinivasan, Bain Capital’s Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, had held several meetings in recent weeks to zero in on a new pick.