The board of Tata Sons extended the chairmanship of N Chandrasekaran for another 5 years in a meeting on Friday which was attended by Ratan Tata as special invitee. Tata, 84, expressed his satisfaction on the progress and performance of the Tata Group under the leadership of N Chandrasekaran, said the holding company Tata Sons in a media statement.

Ratan Tata — who was instrumental in removing the former chairman Cyrus Mistry — recommended the renewal of the term for Chandrasekaran for a five-year period, until February 2027. Chandrasekaran will turn 63-year-old by then. Tata was chairman until he turned 75 in 2012.

Tata Sons board has reviewed the last five years' performance Chandrasekaran before considering the reappointment. "The board members commended the performance of the executive chairman and unanimously approved the reappointment," says the company.

Chandrasekaran said he is delighted to lead the group for another five years. “It has been a privilege to lead the Tata Group for the last five years and I am delighted at the opportunity to lead the group for another five years in its next phase," he said.

Chandrasekaran is the first Tata executive who was chosen to become the chairman of the group. He was instrumental in turning TCS into a high growth global corporation during his term as MD and CEO. Tata Sons and the Tata Trusts earns nearly 90% of their income from the IT giant through dividend and selling shares in buybacks.

In 2020-21, the combined revenue of Tata companies hit $103 billion. The group employs over 800,000 people. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of $314 billion as on December 31, 2021.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.