New Delhi [India], November 11 (ANI): Tata Investment Corporation on Wednesday announced that Noel N Tata will retire as its Chairman and Director with effect from the close of business hours on November 11, with Bahram Vakil set to take over as Chairman from November 12.

In a regulatory filing to the stock exchanges, the company said the retirement was in accordance with the Tata Group Governance Guidelines, which prescribe requirements related to board composition, board committees and the retirement of directors.

'In accordance with the aforesaid Guidelines, Mr. Noel N. Tata (DIN: 00024713) will retire from the office of Chairman and Director of the Company with effect from the close of business hours on November 11, 2026,' the company stated.

Noel Tata has served on the company's board since June 9, 2004, and was appointed Chairman on June 24, 2010. His retirement marks the end of over 16 years as Chairman and more than 22 years as a board member.

Recognising his contribution, the board has appointed him Chairman Emeritus with effect from November 12.

The company stated, 'Under his stewardship, the Company has achieved significant milestones and delivered sustained growth and value for its shareholders.'

The board also expressed its appreciation for his leadership and strategic direction during his tenure.

Announcing his successor, the company said, 'Board has appointed Mr. Bahram Vakil as Chairman of the Company with effect from November 12, 2026.'

In another board-level change, Tata Investment Corporation approved the appointment of Abizer Shabbir Diwanji as an Additional Non-Executive Independent Director from November 12.

His appointment as an Independent Director will be for five years, until November 11, 2031, subject to shareholder approval.

According to the company's filing, Diwanji is the founder of NeoStrat Advisors LLP and previously headed financial services practices across KPMG and EY for 20 years.

The decisions were taken at the company's board meeting held on Wednesday. (ANI)