Tata Group Chairman N Chandrasekaran to step down in February

When the proposal for his extension was brought before the board in February, one board member did not support it, Chandrasekaran said in his statement without naming the person."In the absence of unanimous support, I chose to defer the decision," he said, adding that there was no resolution even six months later."Tata Sons is a very large institution and there are many strategic projects that are under critical stages of execution. It is not only necessary to have a leader in place to lead the Group beyond Feb 2027, but also clarity on leadership is important for employees, investors, partners and other stakeholders," he said.Chandrasekaran was named the group's chairman in 2017. He replaced the late Cyrus Mistry, whose abrupt removal from the post months earlier had triggered a bitter legal battle.Before becoming chairman, Chandrasekaran was the CEO and managing director of the group's high-profile global IT service provider, Tata Consultancy Services. He joined the group in 1987 - a 2017 press release announcing his appointment as chairman described him as a "Tata lifer".Ambareesh Baliga, an independent market analyst, said that when a person with Chandrasekaran's stature stepped down like this, it was inevitable that the markets would react negatively."However, they have six months to find a good successor," he said, adding that he thought it likely that the next leader would be chosen from within the group.