Ratan Tata, the octogenarian chairman emeritus of Tata Trusts that have controlling stake in Tata Sons, said on Wednesday that no revamp was taking place at the group.
“I am extremely disappointed with the recent media reports regarding a major revamp in the Tata Group’s organisation framework through a speculative company wise restructure with me seen to be critical to implementing this change,” he said in a statement.
Separately, Tata Sons chairman N Chandrasekaran also said there are no leadership structural changes on the anvil at the holding company as speculated in certain sections of media.
“I would like to state that no leadership structural changes are on the anvil, as speculated in certain sections of media. Any such decisions if relevant, are taken by the nomination and remuneration committee.
“We are extremely disappointed with such stories that create disruption to regular operations,” Chandrasekaran said in a statement.
The statements came in relation to a Bloomberg report that said Tata Sons was considering a “historic revamp of its leadership structure by creating a chief executive officer’s role to help improve corporate governance”.
The CEO position, it said, was to be created below the current position of chairman, to “guide the sprawling businesses of the 153-year-old Tata empire”.