Tata Global Beverages Ltd (TGBL) on Monday appointed Tata Sons head N. Chandrasekaran as its chairman with immediate effect.
The TGBL board on Monday approved the “appointment of N. Chandrasekaran as an additional director and as chairman of the board of the company in place of Harish Bhat who expressed a desire to step down as chairman,” the company said in a stock exchange filing.
“Tata Global Beverages has appointed N. Chandrasekaran as Chairman of its board with immediate effect,” a TGBL release said.
The board also appointed Siraj Azmat Chaudhry as a non-executive independent director in the company.
Harish Bhat took over as the TGBL Chairman after ousted Tata Sons chairman Cyrus Mistry was voted out by the board of Tata Global Beverages in November last year.
The Board has also appointed Siraj Azmat Chaudhry as Non Executive Independent Director, it added.
Chandrasekaran exuded confidence over the future of TGBL, saying it is a strong player in FMCG segment with major brands such as Tetley and Tata Tea.
“The company has built deep capabilities in this space and is well poised to address many significant consumer trends and opportunities over the years ahead,” he said.
Bhatt, who has stepped down as TGBL Chairman, would continue on the board as a non executive director.
On November 15, ousted Tata Sons Chairman Cyrus Mistry was voted out as chairman by the board of the Tata Global Beverages and Harish Bhat was appointed in his place.
Seven out of 10 directors at the board meeting of Tata Global Beverages, had voted for removal of Mistry as chairman of the company.
TGBL’s total consolidated income for the fiscal year 2016-17 stood at Rs 6,862.65 crore. It has tea brand as Tata Tea, Tetley, Good Earth Teas, Vitax, teapigs and JEMCA.
Its the second largest tea company, with significant brand presence in over 40 countries across Asia, Europe, North America, Middle East, Africa and Australia.
In coffee segment, it has brands such as Eight O’Clock, Grand. The Tata group firm also operates a coffee chain with Starbucks in India in a 50:50 joint venture.
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