The board of Tata Trusts unanimously decided to appoint Noel Tata as its chairman on Friday. After Ratan Tata's death, he emerged as the key figure to succeed the veteran industrialist. With the death of Ratan Tata in Mumbai on Wednesday, the $165 billion Tata Group faced the significant task of appointing a new leader. Noel, Ratan Tata's half-brother, was widely seen as the frontrunner for the role. The $165 billion Tata Group spread across 100 countries faced the significant task of appointing a new leader.
How Noel Tata was appointed as head of Tata Trusts?
When Ratan Tata announced his retirement from Tata Sons in 2012, Noel Tata was originally thought to be a possible successor. Instead, Cyrus Mistry, his brother-in-law, was selected for the position. In 2016, following a dispute between Ratan Tata and Mistry, Mistry was ousted as chairman and replaced by Natarajan Chandrasekaran. Mistry died in a car accident in 2022.
According to the statement from Tata Trusts, the Trustees of various Trusts that comprise the Tata Trusts met at a joint meeting held in Mumbai on Friday.
They condoled the demise of Ratan N. Tata, Chairman, Tata Trusts, and recalled his yeoman services not only to the Tata Group but also to nation building. In separate meetings held immediately, thereafter, it was unanimously decided to appoint Noel NavalTata as the Chairman of the various Trusts that constitute the Tata Trusts and also designate him as Chairman, Tata Trusts. His appointment comes into place effective immediately.
Speaking on the occasion, Noel Naval Tata, Chairman, Tata Trusts, stated, "I am deeply honoured and humbled by the responsibility that has been cast on me by my fellow Trustees. I look forward to carrying on the legacy of Ratan Tata and the founders of the Tata Group. Founded more than a century ago, the Tata Trusts are a unique vehicle for undertaking social good. On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation building."
Ratan Tata passed away on October 9 evening, leaving behind a legacy that has profoundly shaped the landscape of the Tata group. Noel Tata, son of Naval Tata and Simone Tata, now steps into this pivotal role at a time of great change within the Tata Group and its associated trusts. As the new chairman, he will uphold the vision and values instilled by Ratan Tata, who was widely regarded as a titan of Indian industry and a transformative figure for the Tata conglomerate.
Noel Tata has been associated with the Tata Group for many years, holding various leadership roles across different businesses. His appointment comes as the trust aims to navigate the challenges of a rapidly changing global landscape while continuing to uphold its commitment to social responsibility and ethical business practices.
According to the statement from Tata Trusts, since 1892, Tata Trusts, India's oldest philanthropic institution, has been at the forefront of creating lasting impact among communities. Rooted in the visionary philanthropy of its founder, Jamsetji Tata, the Trusts remain resolute in catalysing transformative change and leading advancements that uplift communities across the nation.
(with inputs from ANI)
