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Tata Sons' new chairman to focus on shareholder returns, capital allocation
[NEW DELHI] India's Tata Sons, the holding company of the US$100-billion Tata group, will focus on boosting shareholder returns and tightening capital allocation rules, newly-appointed chairman Natarajan Chandrasekaran said in a statement on Tuesday.
Chandrasekaran, widely known as Chandra, took over as chairman on Tuesday, months after the firm ousted predecessor Cyrus Mistry in a bitter boardroom coup with family patriarch Ratan Tata returning to the helm temporarily.
A public spat between Tata Sons and Mr Mistry followed his removal in October and the two are now involved in a legal tussle.
In a statement, Mr Chandra said he plans to bring the group closer together to leverage its collective strength and "bring greater rigour to our capital allocation policies and deliver superior returns to our shareholders".
Mr Chandra, the former chief executive of IT outsourcing giant Tata Consultancy Services, takes the helm at a time when several companies in the conglomerate have seen profits come under pressure.
Former chairman Mr Mistry has warned of big writedowns and stressed the need for governance reforms at Tata Sons. Tata Sons has denied Mr Mistry's accusations.
Mr Chandra, 53, has also been appointed chairman of several group operating companies including Tata Motors, TCS, Tata Steel and Tata Power.