Tata Sons sets up panel to search for Ratan Tata's successor

Tata Sons, the holding company of the Tata group, has set up a five-member committee to find a successor to Ratan Tata, who will retire at the age of 75. Ratan Tata, chairman of the $72-billion Tata group, is due to retire in December 2012.

Tata Sons said the panel would look within the group and outside, including overseas, for a new head for the salt-to-software conglomerate.

"The board of Tata Sons Ltd has formed a selection committee comprising five members, including an external member for eventually deciding on a suitable successor to Ratan N Tata," Tata Sons, the Group's holding company, said in a statement.

The search panel consisting of four Tata group members and one non-Tata group member, has already started work on formulating selection criteria.

The move comes within days of Noel Tata's elevation as head of Tata International Limited, amidst speculation that he would succeed his half-brother Ratan Tata as the group head.

Tata Group last week announced the appointment of Noel N Tata as the new managing director (MD) of Tata International. He will step down as MD of group retail chain Trent effective 12 August, but will continue as Trent's non-executive vice-chairman.