The Tata Trusts on Thursday initiated the process of finding N Chandrasekaran's successor to lead the diversified conglomerate's holding company, Tata Sons.
"The Sir Dorabji Tata Trust (SDTT) respects Chandrasekaran's decision not to offer himself for re-appointment.
We place on record our deepest appreciation for his contribution and stewardship of Tata Sons and the Tata group over the past decade," a statement from the Trusts, which hold nearly two-thirds of Tata Sons, said.
Specifically, the Trusts thanked Chandrasekaran's contributions during the period of "significant change, growth and transformation" across the group.
In a sudden move, Chandrasekaran on Wednesday said he would not seek reappointment as the Tata Sons Chairman for a third term due to a lack of unanimity on the issue within the board.
