India's Tata Sons board approves fresh five-year term for Chairman Chandrasekaran, source says

Sept 17 - The board of India's Tata Sons has approved a fresh five-year term for N. Chandrasekaran as executive chairman, a source familiar with the matter said on Thursday, reversing his decision last month not to seek reappointment.The reversal comes days after the Reserve Bank of India rejected Tata Sons' request to be exempted from rules that would require it to list.The reasons for the change were not immediately clear, the source added, declining to be named as they are not authorised to speak to the media.Chandrasekaran, whose current term ends in February 2027, said last month he would not seek another term.Tata Sons did not immediately respond to a Reuters request for comment.Chandrasekaran's decision not to seek another term had followed months of tensions with Tata Trusts, the charitable trusts that control a 66% stake in Tata Sons, over the group's strategy and governance.Chandrasekaran, who became chairman of Tata Sons in 2017, was reappointed for a second five-year term in 2022. His current term is due to end in February 2027. REUTERS