NOEL TATA may be new chief of Tata Trusts

Financial Chronicle - - FRONT PAGE - FC BU­REAU

NOEL Tata (in pic), chair­man of Trent and man­ag­ing di­rec­tor of Tata In­ter­na­tional, may be roped in to head Tata Trusts, which con­trols 66 per cent of Tata Sons, the hold­ing com­pany of the con­glom­er­ate.

Noel Tata, the half­brother of Ratan Tata, is suc­cess­fully driv­ing the Tata group’s re­tail arm, Trent, which op­er­ates stores un­der the brands West­side, Zu­dio, Star Bazaar, Land­mark and Zara. The soft-spo­ken Noel is likely to be brought in to head the Tata Trusts as part of re­struc­tur­ing the com­pany’s com­po­si­tion.

Tata Sons and Tata Trusts had re­cently seen quite a few ex­its, in­clud­ing Har­vard Busi­ness School’s In­dia-born dean Nitin Nohria, who stepped down from the board of di­rec­tors of Tata Sons. Bain Cap­i­tal man­ag­ing di­rec­tor Amit Chan­dra also stepped down from the boards of Tata Trusts and Tata Sons.

Ac­cord­ing to Tata Sons’ ar­ti­cles of as­so­ci­a­tion (AoA), it can have as many as 12 di­rec­tors and Tata Trusts can nom­i­nate onethird of the di­rec­tors to the com­pany’s board.

Since 2011, Noel’s name has been in the fray for the cor­ner of­fice job in Bom­bay House, the Mum­bai head­quar­ters of the $103 bil­lion salt-to-soft­ware group.

Dur­ing his 12 years in Trent, Noel pi­o­neered the launch of the first pri­vate la­bel in In­dia. He also made Trent a prof­itable re­tailer and tied up with Tesco and de­spite volatile busi­ness en­vi­ron­ment, did not close down a sin­gle out­let. Apart from fresh in­duc­tions, Tata Trusts may also de­cide on a vice-chair­man soon.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.