Reports of Ratan Tata likely to step down as the chairman of Tata Trusts have been wronged after a press release from Tata Sons clarified on Friday, that he has “no plans” of hanging his boots “at this point of time”.
The release further states that he has “emphasised that the Trusts were undertaking many initiatives that had national impact and he is looking forward to continuing his involvement with these initiatives. He was, however, keen that a process should be in place for a smooth succession at an appropriate time.”
According to reports earlier on Friday, his long-time confidant RK Krishna told Times of India on Thursday, that Ratan Tata was likely to step down and that the next chairman will definitely be an Indian, “but not necessarily a Parsi or from the Tata family”.
The Trusts hold 66 percent stake in Tata Sons, which has been in news after its chairman Cyrus Mistry was recently ousted. Before Mistry, the chairman of Tata Trusts also headed Tata Sons.
According to the report, the Trusts, with investments worth $41 billion in the listed Tata companies, have asked an external consultant to advise them on the selection process, which could be completed by mid-2017.
“The next chairman has to be someone who has the right vision and be in complete alignment with the will of the Tata Group founders,” said Tata trustee Krishna Kumar had told TOI. He had also indicated that the chairman of Tata Trusts would initially work with Ratan Tata as a deputy chairman.
It further stated that since it is unlikely that Ratan Tata will remain a trustee, the charges of him controlling Tata Sons, through his leadership at the Trusts, will be finally put to rest.
(With inputs from Times of India)
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