The board of Tata Sons, the holding company of the Tata Group, has reappointed N. Chandrasekaran as chairman for a second term, despite reported opposition from Tata Trusts, the conglomerate's largest shareholder. The decision was taken at a board meeting, according to multiple media reports.
Tata Trusts, which owns roughly 66% of Tata Sons, had expressed reservations about the reappointment, citing governance and performance concerns. However, the board proceeded with the decision, reportedly backed by the Mistry family's investment firms and other directors.
Chandrasekaran, who took over as chairman in 2017, has overseen a period of restructuring and consolidation at the $100-billion-plus conglomerate, including the merger of Tata Steel Europe with Thyssenkrupp and the turnaround of Tata Motors' Jaguar Land Rover unit.
The reappointment is subject to approval by the company's shareholders, including Tata Trusts. The development highlights ongoing tensions between the board and the trusts over the direction of the group.
