Tata Trusts To Eliminate CFO, COO Roles In Cost-Cutting Move
Tata Trusts is set to remove Chief Financial Officer (CFO) and Chief Operating Officer (COO) roles to cut operational costs, as restructuring efforts reveal staffing and project-related expenses totaling Rs 400 crore.
Tata Trusts plans to remove its Chief Financial Officer and Chief Operating Officer roles to reduce management and operational expenses, as per media reports.
The Trusts, which owns 66 per cent of Tata Sons, the holding company for the Tata group, is undergoing a restructuring process. This effort reportedly began before Noel Tata took over as chairman. An internal review found that staffing costs had risen to Rs 180 crore, with additional expenses pushing total employee costs to Rs 400 crore.