Tata Sons Chairman N. Chandrasekaran on Wednesday said there are no leadership structural changes on the anvil at the holding company of the $106 billion salt-to-software conglomerate.
Ratan Tata, the octogenarian chairman of Tata Trusts that have controlling stake in Tata Sons, separately said he was extremely disappointed over reports speculating a major revamp in the leadership structure at the group.
The statement came in relation to a Bloomberg report that said Tata Sons was considering a “historic revamp of its leadership structure by creating a chief executive officer’s role to help improve corporate governance”.
Chandrasekaran said any such decisions are taken by the Nomination and Remuneration Committee of the board.
In a separate statement, Ratan Tata said “such speculation can only serve to cause disruption among a team that has been operating smoothly with impressive growth in market value”.
Tata Steel rating
Moody’s Investors Service has upgraded the corporate family rating of Tata Steel Ltd to Ba1 from Ba2 even as it has retained the stable outlook. PTI
The rating agency said the upgrade reflects its view that Tata Steel’s better-than-anticipated operating performance during this fiscal and a step-change reduction in gross debt have materially strengthened its credit metrics.