N Chandrasekaran to take over as Tata Sons chairman today

Tata Consultancy Services chief N Chandrasekaran will take the corner office at the Bombay House on Tuesday as the chairman of the cars-to-steel conglomerate, Tata Sons.

Chandra as he is fondly known as, will head the 108-year-old company putting an end to - to an extent - the debacle that ensued after it showed ex-Chairman Cyrus Mistry the door on October 24, 2016. 

A day before he takes the corner office, the TCS Board cleared a Rs 16,000 crore share buyback - the biggest in the Indian capital market - to return surplus cash to shareholders. The board approved a share buyback of up to 5.61 crore share or 2.85% of its share capital at Rs 2,850 apiece. 

On Monday, TCS also named Chandra as the chairman of TCS, effective from Tuesday. Before his elevation to chairman of Tata Sons, Chandra was the CEO and managing director of TCS. He will take over as the non-executive chairman of the board of directors of TCS now. V Ramakrishnan was named as the chief financial officer to succeed Rajesh Gopinathan. Gopinathan will now take over as the CEO and MD of the Tata Group Company. 

Tata Sons removed Mistry in the concluding proceedings of a boardroom meeting in October last year, which lead to both the parties engaging in a public war of words and lawsuits. 

All the Tata Group stocks will be in focus on Tuesday as the new chairman takes office. 

(With agency inputs)