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Hussain had served as interim Chairman at TCS from November last year amid the boardroom battle between Tata Sons and Cyrus Mistry.
In February this year, he was succeeded by TCS' former CEO N Chandrasekaran taking over as the Chairman.
Last week, he retired from boards of Tata Steel and Voltas.
"The board and management place on record their appreciation for the contribution made by Ishaat Hussain during his tenure with the company," it added.
Hussain, who has also worked with Tata Steel, had joined the board of Tata Sons as an Executive Director in July 1999 and then took charge as Finance Director in July 2000.
Apart from Tata Sons, he had served on the boards of several Tata companies like Tata Teleservices and Titan Industries.
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