Breaking News: N Chandrasekaran is the new Tata Sons Chairman

TCS CEO N Chandrasekaran is the new chairman of Tata Sons. The announcement comes months after removal of Cyrus Mistry.

Ratan Tata was handling the top position since November and had formed a panel to decide on the new name.

Chandrasekaran was the top most choice of the panel. Chandrasekaran, who is fondly known as Chandra, took over as TCS CEO and MD in 2009.

Since then, he has proven to be the right choice as he tough several tough decisions for India’s biggest IT conglomerate.

Under Chandrasekaran’s leadership, TCS saw three-fold growth from Rs 30,000 crore ($6.34 billion) in 2010 to Rs 1.09 lakh crore ($16.5 billion) in FY16. Profits also jumped more than three times from Rs 7,093 crore to Rs 24,375 crore.

TCS, which is Tatas’ cash cow, now accounts for 60% of the Tata Group's combined market cap of $116 billion, besides contributing 70% to Tata Sons' revenue, which comes from dividends of its listed entities.

Meanwhile, Rajesh Gopinath will take over from Chandrasekaran to be the new TCS CEO.