After his half-brother Ratan Tata passed away on October 9 at the age of 86, Noel Tata was named the new Chairman of Tata Trusts. The decision was unanimously approved by the trustees at the October 11 board meeting in Mumbai, where the news was made. The 67-year-old Noel Tata is currently in charge of managing Tata Trusts, which owns a sizeable portion of Tata Sons, the Tata Group’s holding company.
“I am deeply honored and humbled by the responsibility that has been cast on me by my fellow trustees,” Noel Tata stated in his first remarks as chairman. I’m excited to continue the heritage of the Tata Group’s founders, Mr. Ratan N. Tata. The Tata Trusts, which were established over a century ago, offer a special method of pursuing social good. We reaffirm our commitment to pursuing our charitable and developmental projects as well as our role in nation-building on this somber occasion.”
In addition to being the Tata Group’s charitable arm, the Tata Trusts own a dominant 66% share in Tata Sons. Because of this, the Trusts play a crucial role in the group’s governance and decision-making system. Ratan Tata had been a key figure in the Trusts’ leadership for many years, but as he had no children or designated heir, the board was left to select the next chairman.
In addition to paying homage to Ratan Tata’s legacy, the October 11 meeting was essential to guaranteeing the succession of leadership. Noel Tata’s appointment is in line with Ratan Tata’s strategy of making sure the company can “move on” right away, providing stability at a crucial juncture for the Trusts.
Noel Tata has been a part of the Tata Group for more than 40 years, having occupied important executive roles in a number of Tata businesses. In addition to sitting on the boards of numerous other Tata Group firms, such as Tata Steel and Voltas, he now holds the position of Chairman of Tata International, Tata Investment Corporation, and Trent Ltd.
When compared to Ratan Tata, his leadership style has frequently been characterized as more subdued, emphasizing global endeavors and retail expansion. His track record is highly acclaimed; he was especially instrumental in turning Trent Ltd. into a retail behemoth valued at Rs 2.8 lakh crore. Apart from his official duties, Noel has also been associated with the Tata Trusts as a trustee of the two biggest Tata Trust corporations, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust.