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Tata Steel Managing Director H M Nerurkar today said his successor T V Narendran is the right candidate for the position at the country's leading steel maker.
He expressed faith and confidence in Narendran, who is set to become the youngest MD of Tata Steel in its more than 100 years of history.
When asked as to what went in favour of Narendran over others in the race, Nerurkar told PTI that the decision was taken by the nomination committee.
Tata Steel had on September 19 appointed Narendran, now heading its money-spinning flat products division, as its new Managing Director for India and South East Asia.
Nerurkar will retire on October 31.
"He is a very good person. He has very good experience. He is knowledgeable," Nerurakar said on his successor. Asked if Narendran was the right choice, he answered: "Of course."
The appointment of Narendran, who is in his late 40s, had surprised many industry observers. They said Group Chief Financial Officer (CFO) Koushik Chatterjee was among the names that were being viewed as a strong bet for the MD's post.
In the top-deck rejig, Tata Steel promoted him as Group Executive Director (finance and corporate).
Narendran has also been inducted as Additional Director on the Board till the time the takes over from Nerurkar.
Nerurkar had taken over from B Muthuraman as the company's Managing Director from October 1, 2009. He joined Tata Steel on February 1, 1982.
Narendran was part of Tata Steel's first acquisition NatSteel Holdings, Singapore in 2005. He also played a key role in its integration with Tata Steel, holding several posts there, including that of President and CEO between 2008 and 2010.
A mechanical engineering graduate from REC, Trichy, Narendran joined Tata Steel in 1988 after completing his MBA from IIM, Calcutta. He was also Principal Executive Officer to the then MD B Muthuraman during 2003-2005.
