N Chandrasekaran will step down from the position of director and chairman of the board of Tata Chemicals Ltd. with effect from May 29, the company announced on Wednesday. He will be succeeded by S Padmanabhan on May 30.
"I am writing to formally inform you of my decision to step down from my position as a director and Chairman of the Board of Directors of Tata Chemicals Limited w.e.f. 29th May, 2025," the Tata Group veteran said in his resignation letter
"After careful evaluation of my current and future commitments, I have decided to step down from the Board. It has been a privilege to chair the Tata Chemicals board and I sincerely appreciate the support and collaboration during my tenure," he added.
Chandrasekaran is the chairman of Tata Sons and Tata Group and a former chief operating officer and executive director of Tata Consultancy Services Ltd.
Besides, the Tata Chemicals board, based on the recommendations of the Nomination and Remuneration Committee, appointed Modan Saha as an additional director (non-executive, non-independent) with effect from May 28.
Saha is currently leading select Strategic Initiatives at Tata Sons. In his earlier role, he was the founding Director and CEO of financial services at Tata Digital.
Before that, Saha was the CEO of Tata Strategic Management Group which supports Tata Group companies and Tata Group Chairman's Office in strategy and transformation initiatives.
Shares of Tata Chemicals settled 0.6% lower at rRs 895.2 apiece on the BSE, compared to 0.3% fall in the benchmark Sensex. The announcement came during market hours. The stock has fallen 19% in the last 12 months and 12% so far this year.
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