Voltas is set for a leadership change, with Sunil Alaric D’Souza set to take over as Chairman from November 12 following Noel N Tata’s retirement from the board upon attaining the age of 70, in line with the Tata Group Governance Guidelines.The company’s board, at a meeting on November 6, approved Noel Tata’s retirement as Chairman and Director with effect from the close of business hours on November 11. He will assume the position of Chairman Emeritus from November 12.Tata has been associated with Voltas since 2003. The company said his leadership and strategic guidance had played an important role in shaping its growth, strengthening its market position and creating sustainable value.D’Souza, who is currently a Director on the Voltas board, will assume the chairmanship from November 12.The company has also announced a succession plan for the managing director’s position. Mukundan Menon C.P. will complete his tenure on May 24, 2027, and retire from the company’s services on the same day, in accordance with the Tata Group’s retirement policy for Executive Directors.The board has approved the appointment of Jayant Balan, currently Head of Voltas’ Room Air Conditioner Business, as an Additional Director and Managing Director for five years from May 25, 2027, subject to shareholder approval. Until then, Balan will serve as Head – Room Air Conditioner Business and Managing Director Designate.Balan joined the Tata Group in 1999 through the Tata Administrative Service and moved to Voltas in 2001. During his career, he has held leadership roles across manufacturing, supply chain, strategy, international operations and consumer durables.Voltas has also appointed Venkatesalu Palaniswamy, Managing Director of Trent, as an Additional Non-Independent Non-Executive Director, with effect from November 12.The Voltas announcement follows similar leadership changes at other Tata Group companies. Noel Tata is also set to retire from the boards of Trent and Titan upon turning 70, in accordance with the group’s governance guidelines.Trent has announced his retirement as Chairman and Director with effect from the close of business hours on November 11, with his appointment as Chairman Emeritus from November 12. Titan, meanwhile, said he would retire as vice-chairman and non-executive, non-independent director with effect from November 12. Tata had been associated with Titan since August 2003.The Titan announcement came alongside the company’s September-quarter results. Titan reported a 114 per cent year-on-year rise in consolidated net profit to Rs 2,393 crore, compared with Rs 1,120 crore in the corresponding quarter last year. Total income rose 13.8 per cent to Rs 21,430 crore.However, the reported profit included a Rs 671 crore accounting gain linked to its acquisition of Damas, as well as Rs 536 crore in gains arising from an increase in customs duty on gold. Excluding both gains, profit before tax grew 18 per cent to Rs 1,793 crore.Titan’s jewellery business, excluding bullion and digital gold sales, recorded 24 per cent income growth to Rs 17,495 crore, while its watches and eyecare businesses grew 27 per cent and 28 per cent, respectively.
