TCS chief Natarajan Chandrasekaran takes charge as Tata Sons exec chairman
The 53-year-old Chandrasekharan has been the chief executive of TCS since 2009
Natarajan Chandrasekaran, the Chief Executive Officer and Managing Director of Tata Consulting Services, has been appointed the executive chairman of Tata Sons, the holding company of the $100 billion Tata conglomerate. The 53-year-old Chandrasekharan has been the chief executive of TCS since 2009. He has been inducted to the board days after Cyrus Mistry was expelled as chairman.
The decision came at a board meeting in the Tata Sons headquarters. He will take charge on February 21.
Under Chandrasekaran, TCS had generated huge consolidated revenues of $16.5 billion in 2015-16. The company remains the most valuable company in India with a market capitalization of around Rs. 4.2 lakh crore.
Chandrasekaran, who has a Masters in Computer Applications, joined TCS in 1987 after completing his engineering degree from Regional Engineering College, Tiruchi in Tamil Nadu.
Chandrasekaran will be replaced by Rajesh Gopinathan as head of TCS.
On October 24, Tata Sons sacked Cyrus Mistry as the chairman and appointed the group patriarch Ratan Tata as the interim chief, also making a selection committee to look for the next chief. It included Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya. Except for Bhattacharya, all others are on the board of Tata Sons.
Mistry's dismissal followed a public commotion between him and the group. Still a director of the board, Mistry contested the decision in the National Company Law Tribunal, a quasi-judicial body that deals with corporate grievances in India.
He alleged a breach of governance within the Tata Group which was rightly denied by Tata Sons clarifying that it has followed the highest standards of corporate governance.
Tata Sons has called for a general meeting on February to remove Mistry from the board. They have filed a legal notice against the ousted chairman alleging that he had shared "confidential data, business strategies, financial information" related to Tata Sons.