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Pramit Jhaveri to join Dorabji Trust, N Srinath CEO

The Trusts has separately appointed N Srinath, a Tata group executive as the CEO of Tata Trusts is significant as it will fill a crucial vacancy caused by the resignation of managing trustee R Venkataramanan from the Tata Trusts in March 2019. The post of the CEO is newly created.

Last Updated: Feb 13, 2020, 07.43 AM IST
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Agencies
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The Sir Dorabji Tata Trust owns about 28% of Tata Sons, while the Sir Ratan Tata Trust owns about 23%. Together, the Tata Trusts control a 66% stake in Tata Sons.
MUMBAI: Tata Trusts on Wednesday made two significant appointments to its leadership team, at a time when the philanthropic trusts and the main shareholders of the $113 billion Tata group is embarking on a succession plan and adding management bandwidth to its organisation.

Pramit Jhaveri, the former Citi India boss, has been co-opted as a trustee in Sir Dorabji Tata Trust, one of the two main Tata trusts that holds a significant stake in Tata Sons, the main holding company of the group. ET had reported on January 26, on the appointment of Jhaveri in the Sir Dorabji Tata Trust.

The Trusts separately appointed N Srinath, a long-standing Tata group executive as the CEO of Tata Trusts. The two appointments were approved at the meeting of the Trustees on Wednesday.

Jhaveri’s appointment is watched keenly as it is speculated that he will be given a larger responsibility on the board of Tata Sons in the months to come. The appointment of Srinath is significant as it will fill a crucial vacancy caused by the resignation of managing trustee R Venkataramanan from the Tata Trusts in March 2019, especially when the Trusts are embroiled in several contentious issues with the tax department.

Currently, the only trust nominee on Tata Sons board is Venu Srinivasan, after Amit Chandra, an investment banker and senior bureaucrat Vijay Singh stepped off from the main holding company’s board. Tata Trusts chairman Ratan Tata and Jhaveri are understood to have held several discussions in recent months on the same, officials said.

The appointment will be effective from April 1, 2020. The post of the CEO has been newly created. The Trusts, it is learnt has decided not to continue with the post of the executive trustee for the time being.

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