Mumbai — Noel Tata said Tuesday that he will step down as chairman of Tata Group company Voltas, nearly a week after announcing his decision to relinquish the chairmanship of Trent.
Addressing shareholders at the cooling products maker’s 72nd annual general meeting, the 69-year-old said it would be his final AGM as chairman, ending a leadership role he has held since 2017.
“As you might be aware, this will be my last annual general meeting as Chairman,” Tata told shareholders.
He expressed confidence in Voltas’ future, saying the company has developed a strong leadership pipeline through internal promotions and external hiring.
“The company has developed our next generation of leaders, from both in-house promotions and lateral hires. I am confident that with the close cooperation of seasoned practitioners and new talent, your company will continue to take big strides in all business segments,” he said.
Tata thanked shareholders, employees and business partners for their support and said he was pleased with the company’s current position.
“I would like to sincerely thank all our shareholders, colleagues and partners for your trust, understanding and constant support over the years,” he said.
Tata joined the Voltas board on Jan. 27, 2003, and was appointed non-executive chairman on Sept. 1, 2017, succeeding Ishaat Hussain.
His announcement came days after he told shareholders at Trent’s annual general meeting on June 23 that he would also step down as chairman of the Tata Group’s retail company.
Tata, who also serves as chairman of Tata Trusts, the largest shareholder in Tata Sons, will turn 70 in November.
Under the Companies Act, 2013, a managing director or whole-time director cannot be appointed or remain in office after age 70 without meeting prescribed conditions. The provision does not apply to non-executive chairpersons.
Tata said Voltas had entered the new financial year from a position of strength, with its room air conditioning business reaching a major sales milestone.
“I have great satisfaction that Voltas stands strong today, having entered the new financial year on a strong note. Our room air conditioning business crossed the milestone of 1 million units in a record 81 days, reaffirming its undisputed market leadership,” he said. (Source: IANS)
