New directors set to board Tata Sons with ₹30,000 crore and new priorities in focus
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Mumbai: Tata Sons will be looking to appoint new directors as vacancies open up on the board of the Tata Group holding company, said people with knowledge of the matter. Ralf Speth, former CEO of Jaguar Land Rover, is expected to step down in the coming months upon turning 70. Speth had joined the board in October 2016 following the ouster of former chairman Cyrus Mistry. Independent director Leo Puri had quit in April. Sources indicate that one of these two spots may be filled by an executive director from a group company. Tata Steel CEO and MD TV Narendran is seen as a strong contender for the board seat, sources said.Tata Sons did not comment.Ajay Piramal, 69, an independent director, is expected to step down by the middle of next year.That is in line with Tata Sons' retirement policy. Piramal had joined the board in August 2016.As per the Articles of Association (AoA), those in executive positions retire at 65, while for board-level roles it's 70.These selections will result in a change in the board's profile from the one set up by former chairman Ratan Tata in 2016 after the late Mistry's ouster, a group watcher said.There is no age cap, however, for Tata Trusts' nominees on the board. They include Tata Trusts chairman Noel Tata, Vijay Singh (76), and Venu Srinivasan (72). The independent directors are Harish Manwani and Anita M George, apart from Piramal."There are very few senior Tata executives today with the depth of Narendran's experience and leadership," said a group executive.In recent years, some Tata group veterans such as Bhaskar Bhat have stepped down following superannuation, while others like Harish Bhat and Banmali Agrawala have been retained in advisory roles.Tata Sons will inject fresh capital of ₹30,000 crore ($3.5 billion) into its emerging businesses-including Tata Digital, Tata Electronics and Air India-as well as its defence and battery units through equity infusions. The defence business, in particular, has been reaffirmed as a strategic priority by executives. This capital commitment adds to the $120 billion the group has already pledged toward new businesses in recent years.Tata Sons advisor Agrawala is also non-executive chairman at Tata Electronics. Manwani, former COO of Unilever Plc who joined the Tata Sons board in 2018, is expected to continue in his role until 2027.In a related development, Tata Sons has applied to voluntarily surrender its certificate of registration with the RBI, having repaid more than ₹20,000 crore in debt. This strategic move enables it to remain an unlisted, closely held company.
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