India, Aug. 13 -- Tata Trusts said in a statement on Thursday that the group accepted the decision of Tata Sons Chairman N Chandrasekaran not to seek reappointment when his term ends in February 2027.

"The Sir Dorabji Tata Trust (SDTT) respects Mr. Chandrasekaran's decision not to offer himself for reappointment. We place on record our deepest appreciation for his contribution and stewardship of Tata Sons and the Tata group over the past decade," the release said.

"The Trustees of the Sir Dorabji Tata Trust have passed a resolution to initiate the setting up of a Selection Committee as soon as possible in accordance with the Articles of Association of Tata Sons, for the purpose of recommending a person for appointment as the new Chairma...