Noel Tata will step down from six major Tata group boards on November 12 as he turns 70. This move follows the company retirement policy for non-executive directors. He will still serve as a nominee director on the Tata Sons board, though plans for his other roles remain unclear today.
Under the group's retirement policy, Noel Tata will remain a Tata Trusts nominee director on Tata Sons' board while transition plans for other roles remain unclear
Tata Trusts chairman Noel Tata is set to step down from the boards of six major Tata group companies on November 12, when he turns 70, in accordance with the conglomerate's retirement policy for non-executive directors.
He will, however, continue as a nominee director of Tata Trusts on the board of Tata Sons, the group's holding company, according to a Moneycontrol report.
Tata serves as non-executive chairman of Trent, Voltas, Tata Investment Corporation, Tata International and Trent Hypermarket, as well as Tata International West Asia DMCC in Dubai.
He is non-executive vice-chairman of Tata Steel and Titan Company, and a director of Inditex Trent Retail India Private Limited, the joint venture associated with Spanish fashion retailer Inditex.
In addition, he serves as a non-executive nominee director on the board of Tata Sons. However, he will continue in Trent Hypermarket Ltd, the joint venture company of Tata's Trent Ltd and Tesco, which operates retail stores under the Star Bazaar and Star Daily banners.
While his retirement from the six major operating-company boards is expected in November, the transition arrangements for his other directorships have not been established.