Tata Group veteran Noel Tata has announced that he will step down as Chairman of Voltas. He shared the decision with shareholders during the company’s 72nd annual general meeting (AGM), saying it would be his final AGM in the role.
The announcement comes just days after he stepped down as Chairman of Tata Group’s retail company, Trent.
Noel Tata, who will turn 70 in November, is retiring in line with the Tata Group’s governance policy. Under the policy, executive directors retire at the age of 65, while non-executive directors retire at 70.
He became Chairman of Voltas in 2017 and has led the cooling products company for the past several years.
During the AGM, Noel Tata said the company has built a strong leadership team by promoting talent from within and bringing in experienced professionals from outside. He expressed confidence that the management is well-prepared to lead the company and continue its growth journey.
He also thanked shareholders, employees and business partners for their support over the years and said he was pleased with the company’s current position and future direction.
It must be mentioned that Noel Tata stepped down as Chairman of Trent last week. He is also expected to retire from the boards of Titan, Tata Investment Corporation, Tata Steel and Tata International later this year as he reaches the retirement age set under the group’s governance rules.
Apart from his responsibilities at Tata Trusts, Noel Tata currently serves as Non-Executive Chairman of Trent, Tata Investment Corporation, Tata International, Trent Hypermarket and Tata International West Asia DMCC, Dubai. He is also the Vice-Chairman of Tata Steel and Titan Company Limited.