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Ratan Tata
Panel will find the right successor: Tata
Sat Jul 02 2011 01 : 07 / Mumbai
Tata Group Chairman Rata Tata said the selection committee will find the "right person" to succeed him to head the USD-72 billion salt-to-software group.

Tata Group Chairman Rata Tata said the selection committee will find the "right person" to succeed him to head the USD-72 billion salt-to-software group.

He, however, did not elaborate on succession plans."I don't have anything to say about my succession. There is a committee in place and it will find the right person. I faced the same kind of thing when I took over from JRD.

Obviously, nobody can do the job forever and we all have to move on," he said at the Annual General meeting of the group company TCS.

In May, the group had said that the selection committee had interviewed several candidates, both internal and external, but no final decision had been taken.

Tata Sons had set up a panel to search a successor to Group Chairman Ratan Tata who is due to retire in December, 2012, when he turns 75- the retirement age fixed by the group.

The Tata group has over 90 companies, of which 28 are listed, including the country's largest software exporter TCS, India's largest auto maker Tata Motors and Tata Steel, which is the world's fifth largest steel maker.

Although the group is over 100 years old founded by Jamsetji Tata in 1868 when he set up a private trading firm it was only in 2006 that it earned major global recognition when Ratan Tata spearheaded the buyout of Anglo-Dutch steel maker Corus for about USD 12 billion.

Rata Tata followed this up with another big ticket purchase of Jaguar Land Rover, the luxury British auto brands, from Ford in 2008 for USD 2.3 billion.

Tata, who took over as Chairman in 1991 from JRD Tata, had said: "I do not want to go out on a wheelchair."

Tata Sons had said while forming the committee to find successor that the group would require someone with experience and exposure to direct its growth amidst the challenges of the global economy.
 

Agency/Source 
Press Trust of India
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