Noel Tata , Chairman of Tata Trusts, will step down from the boards of six major Tata Group companies on November 12, when he turns 70, in accordance with the group’s retirement policy for non-executive directors. The planned exits are part of an established governance practice and the retirement policy, and have no connection with the ongoing differences between Tata Trusts and Tata Sons over the group’s leadership and governance.
Tata will cease to be non-executive chairman of Trent , Voltas, Tata Investment Corporation, and Tata International. He will also relinquish his positions as non-executive vice-chairman of Tata Steel and Titan Company. However, he will continue as a Tata Trusts nominee director on Tata Sons board, the holding company of the group, and as chairman of Tata Trusts, which collectively holds about 66% of Tata Sons.
The retirement timeline is not a sudden development. Tata had indicated his intention to step down while addressing shareholders at Trent’s annual general meeting in June.…