Tatas sets up five-member team to run company until a replacement for Noel is found. Noel gave up his executive responsibilities as managing director effective August 12, to become the non-executive vice-chairman.
The team comprises chief operating officer Gaurav Mahajan, head of corporate human resources Sanjay Rastogi and chief financial officer P Venkatesalu.
Noel Tata has overseen the profitable growth of Trent from a single store company in 1998 to over 90 stores across its retail formats Westside, Star Bazaar, Landmark, Fashion Yatra, Sisley and Zara. During this period, Trent has entered into a strategic franchise and sourcing agreement with international retailer Tesco of UK for the Star Bazaar business. Under his leadership, the consolidated turnover of Trent has increased from Rs 8 crore in FY1998-99 to Rs 1,137 crore in FY 2009-10.
The core team is expected to draw on Tata’s expert guidance whenever required, even as the board of Trent has mounted a formal search for a successor.