The appointment of Narendran, who is in his late 40s, has surprised many as current group CFO Koushik Chatterjee's name was doing the rounds for the top post. Narendran will succeed incumbent H M Nerurkar, who is retiring on October 31 upon attaining the age of superannuation. (Agencies)
"On reaching superannuation on October 31, 2013, HM Nerurkar, MD Tata Steel India and South East Asia will step down from the Board of Tata Steel and will be succeeded by T V
Narendran with effect from November 1, 2013," the company said in a statement.
The company has also elevated Chatterjee as Group Executive Director (Finance and Corporate) burdening him with new responsibilities.
"In addition to maintaining responsibility for the company's finance function, Chatterjee will be responsible for the Tata Steel group corporate functions including legal and regulatory affairs, corporate communications, strategic procurement... global mining projects and assurance," it said.
Tata Steel also said that till the retirement of Nerurkar, Narendran will be MD-Designate, India and South East Asia. He has also been inducted as Additional Director on the Board.
MD-designate Narendran was part of Tata Steel's first acquisition NatSteel Holdings, Singapore in 2005. He also played a key role in its integration with Tata Steel, holding several posts there, including that of President and CEO between 2008 and 2010.
A mechanical engineering graduate from REC, Trichy,
Narendra is currently Vice President Safety and Flat Products.
He joined Tata Steel in 1988 after completing his MBA from
IIM, Calcutta. He was also Principal Executive Officer to the then MD B Muthuraman during 2003-2005.
"The new leadership team will be responsible for defining the overall direction and strategy for Tata Steel across both its emerging and developed markets," the company said, adding that the Board has put in place appropriate governance process to ensure a smooth transition of leadership.
Accordingly, Narendran, Chatterjee and Karl Koehler, who heads Tata Steel Europe, will report to Chairman Cyrus Mistry and the Board from November 1.
The appointment of Narendran, who is in his late 40s, has surprised many as current group CFO Koushik Chatterjee's name was doing the rounds for the top post. Narendran will succeed incumbent H M Nerurkar, who is retiring on October 31 upon attaining the age of superannuation.