Ratan Tata with TCS chief N. Chandrasekaran at the company’s AGM in Mumbai on Friday. (PTI)
Mumbai, June 29: Shareholders of Tata Consultancy Services (TCS) today cleared the appointment of Cyrus Pallonji Mistry as a director of the company.
Mistry, who will take over the reins of the Tata group in December, was appointed as an additional director in TCS on April. The company moved a resolution at the annual general meeting seeking his appointment as a director.
Shareholders also approved the appointment of . P. Bhatt, former chairman of the State Bank of India, as a director.
The 17th AGM of TCS was the last shareholders’ meeting that Ratan Tata chaired.
Shareholders of TCS said they would miss Ratan Tata even as they welcomed the appointment of Mistry as his heir. Several shareholders requested the TCS board to appoint Tata as chairman emeritius.
“We will miss a people’s chairman (Ratan Tata). Hope the legacy of Ratan Tata continues after his retirement,” said Tamal Kumar Mazumdar, a TCS shareholder.
Tata said he had the privilege of watching TCS grow: first as a division of Tata Sons and then as a separate entity that eventually went public with a $1-billion issue in 2004.
“Today the company is a $10-billion company, the largest IT company in India, the seventh-largest IT company in the world, an employee base of 238,000 and a footprint in 55 countries. It is a very creditable performance,” he said.
“In my view, he (Cyrus Mistry) embraces all the ethical values and the value system on which the group is being based. I feel confident that Cyrus has the capacity and the ability to lead this group in the years to come and face the challenges,” Tata added.
He said TCS was focusing on non-linear growth and would target other emerging verticals such as manufacturing, healthcare, transportation and retail apart from the thrust areas of banking, financial services and insurance. It has also achieved considerable growth in newer markets such as Australia and West Asia.