Tata Sons, the unlisted holding company for $83.3 billion Tata Group, is in the process of appointing a new finance director, as Ishaat Hussain became non-executive director on company's board after turing 65 early this month.
With this Cyrus Mistry the successor of Ratan Tata is the only exective director on company’s board who also acts as vice chairman. Other directors on the board who are playing the non executive role include Arunkumar Gandhi, RK Krishna Kumar, R Gopalakrishnan, Farrokh K Kavarana. Chairman on company Ratan Tata will retire in December as he turns 75.
Tata Sons spokesperson said, “The company does not give guidance on such matters.” However, a person familiar with the development in the group confirmed that there would be a new finance director in the company.
Ishaat Husasin, a Tata Group veteran joined the board of a Tata Steel associate Indian Tube Company in 1981. In 1983, he moved to Tata Steel board when the associate was merged with the parent. He served Tata Steel as a director finance for a decade before moving to Tata Sons as executive director in 1999.
He became director finance at Tata Sons in July 2000 and after over 12 years of service that saw the group increasing international footprint through global acquisitions such as Corus and Jaguar Land Rover he has moved to non-executive position. Ishaat Hussain holds a degree in Economics from St Stephens College in Delhi and is a chartered accountant of the Institute of Chartered Accountants in England and Wales.
Ishaat Hussain is expected to serve the role of non executive director for the next five years when he turns 70. The holding company that decides the retirement age for non-executive directors across the group, upped their retirement age to 75 in 2005, But again in 2011 it brought down the retirement age to 70. However, the directors who have crossed 70 are allowed to continue till the age of 75.
There has been speculation in past about Koushik Chatterjee, chief financial officer at Tata Steel succeeding Ishaat Hussain as director finance at Tata Sons.But this could not be confirmed.