Mumbai, Feb 7: The board of directors of Tata Steel on Tuesday elected Tata Sons chief designate Natarajan Chandrasekaran as the chairman of the company.
“The Board of Directors today elected N Chandrasekaran as the Chairman of the Board. Chandrasekaran was appointed as a Member of the Board on January 13, 2017,” Tata Steel said in a statement today.
After Tata Sons and Tata Motors, Tata Steel became the third company of the Tata Group to appoint the ex-CEO of TCS as the company’s chairman.
Speaking on this occasion Chandrasekaran acknowledged, “Tata Steel is an iconic company that has stood tall for over a century. The Company has for long provided thought leadership in areas of sustainable business, ethics and stakeholder management.
It is built on a unique culture of thinking about society and not just the business. I feel greatly honoured to be chosen as the Chairman and I accept this responsibility with a deep sense of humility.”
Chandrasekaran holds a graduate degree in Computer Applications from the Regional Engineering College, Trichy and an under-graduate degree in Applied Sciences from the Coimbatore Institute of Technology, Coimbatore, Tamil Nadu.
Following the ouster of Cyrus Mistry as the chairman of Tata Sons on October 24, a move that took the corporate world by shock, N Chandrasekaran was appointed as his replacement on January 12, 2017. Chandra, as he is lovingly known, will officially take charge of Tata Sons from February 21.
The former CEO of TCS was also on January 17 appointed as the Chairman of Tata Motors with immediate effect.
Meanwhile, Tata Steels on Tuesday reported a consolidated Q3 net profit at Rs 231 crore against loss of Rs 2,747.7 crore in the same quarter of previous fiscal.
It had registered a consolidated net loss of Rs 2,747.7 crore in the same quarter of the previous fiscal.
The consolidated gross sales increased to Rs 29,279 crore, from Rs 25,662.3 crore in the year-ago period.
In a statement, the company said: “Consolidated revenues (are) up by 7 percent sequentially and 14 per cent year-on-year. The growth is largely driven by strong performance from Indian operations.”
In another important move, the Board of Directors today appointed Dr. Peter Blauwhoff as an Additional (Independent) Director. His appointment is effective immediately.
Dr. Blauwhoff is a successful international leader with over 30 years of experience in the energy industry, in particular the downstream oil and gas business.
Between 2008 and 2015, Dr. Blauwhoff held the position as the Chief Executive Officer of Deutsche Shell Holding GmbH, Hamburg, Germany. He has a wide range of experience in refining, supply, marketing and end-to-end value creation in challenging downstream organisations. Dr. Blauwhoff comes with a strong track record in senior political and customer stakeholder and organisational change management. Dr. Blauwhoff holds a Doctorate in Technical Sciences and a graduate degree in Chemical Engineering, with honours (cum laude).
Welcoming Dr. Blauwhoff, N. Chandrasekaran, Chairman of the Board, said, “I am delighted to welcome Dr. Peter Blauwhoff to our Board. Dr. Blauwhoff brings a wealth of experience to the Board with his knowledge of the global manufacturing industry in general and of the energy, oil and gas business in particular. His induction will enrich the quality of debate and deliberation within our Board.”
Commenting on his appointment, Dr. Blauwhoff said “Tata Steel is one of the most admired global corporations and I am delighted to be joining the Board. I look forward to working with my colleagues in providing governance, leadership and guidance to further strengthen Tata Steel as a global benchmark in the metals and mining industry”.
In accordance with the retirement policy for the Company’s Board of Directors (Independent Directors to retire on attaining 75 years of age), Jacques Schraven, Independent Director, will retire from the Board on February 7, 2017. Schraven joined the Tata Steel Board in May 2007.
Schraven is also the Chairman of the Supervisory Board of Tata Steel Nederland BV and serves on the Board of Tata Steel Europe. In the past, he has held a number of executive positions in the Royal Dutch/Shell, Netherlands.
Thanking Schraven for his services and contributions to the Company, N. Chandrasekaran, Chairman of the Board said, “On behalf of the Board, I thank Schraven for his enormous contribution, leadership and guidance for nearly a decade. His valued counsel and deep insights in the areas of safety, health and environment are greatly appreciated by the Board. The Company and the Board have immensely benefitted from his profound knowledge and experience in the steel industry. We wish him all the very best and pray for his good health and happiness”.
Schraven thanked the Board and said, “It has been a privilege for me to be associated with Tata Steel over the years.
I have seen the Company grow from strength to strength and I am confident that it will continue to transform the industry with its operational excellence and offerings. I thank the Board of Directors for giving me the opportunity to be a part of this iconic Company and wish the Company and its leaders the very best.”