Yesterday,ie on 28th of December 2012, on his birthday,when he turned 75, Ratan Tata retired,succeeding on his third try.In 2002, when Tata was to retire at 65, the Tata Sons board promptly re-designated him non-executive chairman, which meant he could continue for another five years.Three years later, the board upped the retirement age of non-executive directors to 75. The message was clear: Ratan Tata was indispensable.And it was not just the board that felt that way. There were loud cries of support from shareholders. As one shareholder put it”We can’t lose our ratan (jewel).”Others asked him to stay on as chairman emeritus. Read more of this post
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