Bahram Vakil, co-founder of AZB & Partners, will assume the chairmanship of Trent on Nov. 12, immediately following Noel Tata's departure on Nov. 11. The handover reportedly surprised parts of the group because Tata Sons chairman N. Chandrasekaran was not briefed prior to public stock exchange filings. This lack of prior notice occurred even though Tata Sons owns a 32% stake and recently backed the retailer's Rs 2,500-crore rights issue. Vakil is also viewed as the leading contender to replace Noel as chairman of Tata Investment.
Key points
Tata Sons chairman N. Chandrasekaran was not informed of the leadership transition prior…: Tata Sons chairman N. Chandrasekaran was not informed of the leadership transition prior to the regulatory exchange disclosures.
Trent added Rajiv Dube and Kalpana Merchant to its board of directors effective Oct. 30 a…: Trent added Rajiv Dube and Kalpana Merchant to its board of directors effective Oct. 30 as part of wider governance changes.
In addition to leading Trent, Bahram Vakil is considered the front-runner to replace Noel…: In addition to leading Trent, Bahram Vakil is considered the front-runner to replace Noel Tata at Tata Investment.
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MUMBAI: Noel Tata has selected close friend and AZB & Partners co-founder Bahram Vakil to succeed him as chairman of Trent, the
Tata Group's fashion and retail flagship established by his mother, Simone Tata. Vakil will take over as chairman of Trent on Nov 12, a day after Noel retires from the board-led role at the retailer on Nov 11.
Vakil's appointment, however, has raised eyebrows within sections of the Tata ecosystem, according to people familiar with the matter. They said Noel did not keep
Tata Sons chairman N Chandrasekaran, who was in Singapore, informed about the board changes at Trent, particularly Vakil's elevation as chairman, before the decision was disclosed to stock exchanges on Thursday.
The move comes despite Tata Sons, which owns 32% of Trent, having recently participated in the retailer's Rs 2,500-crore rights issue. While Trent has traditionally been overseen by Simone and later Noel, people said Ratan Tata, during his tenure as chairman of Tata Sons, largely refrained from intervening in the fashion retailer's affairs. The same, they said, was true of Cyrus Mistry, Ratan Tata's…
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