The heads of three companies in the Tata Group — Tata Consultancy Services, Tata Steel and Tata Motors — will all reach the group’s executive retirement age of 65 this year, the Financial Times reported. Ratan Tata, the chairman of the group, is set to retire in 2012, the article noted. “The group in 2005 modified its policy on compulsory retirement for non-executive directors by extending the maximum age from 70 to 75 to enable Mr. Tata to stay at the helm until 2012,” the report said. Ratan’s half-brother Noel Tata, whose father-in-law, Pallonji Mistry, is one of the Tata Group’s largest shareholders, has been mentioned as a potential successor, the FT said. Noel Tata is in his early 50s and runs Trent, the group’s retail operation. “Some analysts say his role at one of the conglomerate’s lower-profile businesses hardly recommends him as a future chief executive,” the article said, “But others say the same things were said about Ratan before he took over in 1991.” (Source: Financial Times, June 11, 2009.)
-
896 reads