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Ratan Tata and N Chandrasekaran, Chairman, Tata Sons, on Wednesday dismissed speculations of leadership structural changes and the appointment of a new CEO.
“We are extremely disappointed with the recent media reports regarding a major revamp in the TATA groups organisation framework through a speculative company-wise restructure with me seen to be critical to implementing this change,” Tata said, adding that such speculation can only serve to cause disruption amongst a team that has been operating smoothly with impressive growth in market value.
A Bloomberg report had suggested on Tuesday that there would be a structural change in the leadership of Tata Sons and a new CEO could be appointed.
“I would like to state that no leadership structural changes are on the anvil,” Chandra said in a statement.
He added that any such decisions, if relevant, are taken by the Nomination and Remuneration Committee. “We are extremely disappointed with such stories that create disruption to regular operations,” he further said.
BusinessLine had reported on Tuesday that it was unlikely that the company will appoint a CEO.
“As per SEBI norms, only listed companies are mandated to have a separate CEO and Chairman. Since Tata Sons isn’t a listed company, this move is not on the cards,” a source had told BusinessLine .
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