Noel Tata appointed the chairman of Tata Trusts, Tata group's philanthropic arm, succeeding his half-brother Ratan Tata with immediate effect.
"The Trustees of various Trusts that comprise the Tata Trusts met at a joint meeting held in Mumbai today. They condoled the demise of Ratan N. Tata, Chairman, Tata Trusts, and recalled his yeoman services not only to the Tata Group but also to nation building. In separate meetings held immediately, thereafter, it was unanimously decided to appoint Noel Naval Tata as the Chairman of the various Trusts that constitute the Tata Trusts and also designate him as Chairman, Tata Trusts. His appointment comes into place effective immediately," said Tata Trusts in a statement.
Noel's appointment is of significance as Tata Trusts owns 66% of Tata Sons, the holding company of various firms under the Tata brand which is more than 150 years old.
Since 2014, he has been the chairman at Trent Ltd., the conglomerate’s massively successful apparel retailer, whose shares have surged more than 6,000% in the past decade. The business of Tata Group's retail play, Trent, under Noel Tata has achieved heights while being very quiet, which also reflects on the style of Noel's leadership.
