New Delhi, Aug 4 (IANS) Tata Sons, the holding company of the salt-to-automobile conglomerate Tata Group, Wednesday said it has formed a selection committee to choose a successor to its soon-to-retire chairman Ratan Tata.
‘The Board of Tata Sons has formed a selection committee, comprising of five members including an external member, for eventually deciding on a suitable successor to Mr. Ratan N. Tata,’ said a statement from the company.
Tata Sons is a promoter of the key companies of the Tata Group and holds the bulk of shareholding, including Tata Motors, Tata Steel and many international firms like Corus.
The Group hopes to find a suitable head in time before Ratan Tata gives up the reins at the end of December 2012.
‘The committee is in the process of formulating criteria for identifying the most suitable candidate taking into account the global nature and complexity of the Group’s business at the present time,’ said the statement.
‘The group would require someone with experience and exposure to direct its growth amidst the challenges of the global economy.’
The next chairman of the group could come come from within the Tata Companies, an Indian professional or a person overseas ‘with global experience’.
Ratan Tata had said earlier it would be ‘easier’ if his successor were an Indian.
‘We are looking both within the organisation and outside. It would certainly be easier if that candidate were an Indian national. It could also be an expatriate sitting in that position as nearly 65 percent of the Tata Group’s revenues come from overseas markets,’ he had said.