Financial Daily from THE HINDU group of publications
Wednesday, Feb 18, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 18, 2004 |
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Corporate
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People Khusrokhan steps down as Tata Tea MD Our Bureau
Mr Homi Khusrokhan
Kolkata , Feb. 17 MR H.R. Khusrokhan is stepping down from the post of Managing Director in Tata Tea Ltd as his three-year term comes to an end on February 18. Mr. P.T. Siganporia, Deputy Managing Director, will take charge temporarily. This decision was taken by Tata Tea's board of directors on Tuesday. However, it is still not known whether the company would persist with the temporary arrangement with regard to Mr. Siganporia or recruit a new face. Moreover, Tata Tea announced that Mr Khusrokhan was not quitting the Tata Group. It is expected that he will be given a new assignment within the group but nothing has been specified yet. The company has stated that the managing directorship of Mr Khusrokhan was not extended since he has reached the age of 60, the stipulated age of retirement for Tata Tea EDs. During his stint, he played a crucial role in the integration of Tetley into Tata Tea. It may be noted that Bombay House generally allows its executive directors to work up to the age of 65 years after which they can continue for another five years, though without executive powers. By that yardstick Mr Khusrokhan was eligible for another five years. Before joining Tata Tea, Mr Khusrokhan, a chartered accountant, was the Managing Director of Glaxo India and subsequently of Burroughs Wellcome (India).
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