Tata Group Chairman N Chandrasekaran to step down in February - BBC News

Chandrasekaran said he would not seek reappointment when his term ends due to a lack of support from the Tata Sons board.

Image source, Getty ImagesImage caption, Chandrasekaran's statement points to the tensions that have been playing out at the group for months

N Chandrasekaran, the chairman of Tata Group, has said that he will not seek reappointment when his term ends in February.

The 63-year-old said the decision came after the board of Tata Sons could not reach a resolution on a five-year extension of his term, months after the proposal first came up.

The news sent shares of listed Tata companies plunging and has led to questions over what lies ahead for the gigantic salt-to-steel conglomerate that owns Air India, Tata Steel and Jaguar Land Rover.

Chandrasekaran's resignation, which comes days ahead of Tata Sons' annual general meeting, points to tensions that have been playing out for months after a boardroom power battle erupted between trustees.