Almost a week after announcing his decision to step down as chairman of Trent, Noel Tata on Tuesday said he will also relinquish the chairmanship of Tata Group company Voltas.
Addressing shareholders at the cooling products maker’s 72nd annual general meeting (AGM) here, the 69-year-old said the meeting would be his last as chairman of the company, bringing to a close 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 during his address.
Expressing confidence in the company’s future, Tata said Voltas has built a strong leadership pipeline through a mix of internal promotions and external hiring, which he believes will help sustain growth across its businesses.
“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.
Thanking shareholders, employees and business partners for their continued support, Tata said he was pleased with the company’s current position and optimistic about its future trajectory.
“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 board of Voltas on January 27, 2003, and was appointed non-executive chairman on September 1, 2017, succeeding Ishaat Hussain.
His announcement comes just days after he made a similar statement at the annual general meeting of Trent on June 23, indicating that he would step down as chairman of the Tata Group’s retail arm as well.
Noel Tata, who also serves as chairman of Tata Trusts, the largest shareholder of Tata Sons, will turn 70 in November this year. Under the Companies Act, 2013, a managing director or whole-time director cannot be appointed or continue in office after the age of 70 without fulfilling prescribed conditions. However, the provision does not apply to non-executive chairpersons.
“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.
