N Chandrasekaran stepped down on Wednesday as chairman of Tata Sons ahead of the company’s annual general meeting, which is scheduled for August 18.
In a statement, Chandrasekaran said, “I have communicated to the Tata Sons Board that I have decided not to offer myself for reappointment when my term ends on Feb 20, 2027. I have asked the Board to decide on the succession soon to ensure a proper transition…”
Chandrasekaran’s current term is set to continue until February 2027. However, he said he would not seek reappointment once his term comes to an end.
His resignation comes amid tensions with shareholders and differences between Chandrasekaran and Tata Trusts chairman Noel Tata.