Chandrasekaran steps down as Tata Chemicals Chairman

N Chandrasekaran, Tata Sons chairman, stepped down as chairman and director of Tata Chemicals on Thursday, citing the need to reevaluate his current and future responsibilities.

The company has appointed S Padmanabhan the new chairman of its board.

Chandrasekaran, who is on boards of several group companies, will also have to chair the two separate boards of Tata Motors Passenger Vehicles and Tata Motors Commercial vehicles which have been split into two companies.

In a regulatory filing, the company disclosed that Chandrasekaran communicated his decision in a letter dated May 28. "After careful consideration, I have decided to step down from the board. It has been an honour to serve as chairman, and I am grateful for the support and cooperation extended to me during my tenure," he stated.

He has been on the board of Tata Chemicals, which has historically been one of the main group companies. However, in recent years, the group has invested in ambitious new growth ventures such as Tata Digital, Tata Electronics, and Air India, which are his focus areas, said officials.

Based on the recommendations of the nomination and remuneration committee, the board of Tata Chemicals also appointed Modan Saha as an additional director.