Tata Succession: Trust Moves to Pick New Chairman as Chandrasekaran Steps Back

"We extend our full support to Tata Sons in ensuring a smooth, timely and orderly transition of leadership, consistent with the values and long-term interests of Tata Sons and the Tata group," Tata Trusts said.

The trust separately placed on record its appreciation for Chandrasekaran's leadership "during a period of significant change, growth and transformation across the Group."

The succession process begins as the Tata Group navigates a complex ownership structure. The Sir Dorabji Tata Trust holds the largest single block of shares in Tata Sons. The Sir Ratan Tata Trust's regulatory difficulties complicate the governance picture, though the statement Thursday suggests the active trust intends to move ahead without delay.

A selection committee will recommend a candidate for appointment as the new chairman of the board of directors. The timeline for the committee's formation or its membership was not disclosed.