Tata Housing says its managing director and CEO Brotin Banerjee has resigned citing personal reasons. The board of directors has accepted his resignation and is in the process of appointing a new CEO
Bengaluru: Brotin Banerjee, managing director and chief executive of Tata Housing Development Co. Ltd, has resigned citing personal reasons, the company said on Wednesday.
Banerjee’s resignation is the second top-level exit in the group after Tata Power Co. Ltd CEO and managing director Anil Sardana resigned in January, citing personal reasons.
Banerjee was instrumental in reviving and building Tata Housing, a company that was set up in 1984 and then revived in late 2006. He joined Tata Housing as deputy managing director in 2006 and was promoted to CEO and managing director in 2008.
“The board of directors has accepted his resignation and is in the process of appointing a new CEO. In the interim, Mr. Banerjee will oversee the transition in consultation with Banmali Agrawala, president, infrastructure, defence and aerospace, Tata Sons. Santhanam Krishnan, chairman of Tata Housing shared the development in an internal communication to employees," a statement from Tata Housing said.
A letter written to colleagues by Tata Housing chairman S. Santhanankrishnan, which Mint has reviewed, said, “...There is no special review directed by the promoter. We will continue to serve our customers and do our best to meet their expectations."
An Economic Times report on 5 February said that a “special review", directed by promoter Tata Sons is currently underway and a separate audit was undertaken by the company a few months ago of many projects of Tata Housing which was grappling with issues ranging from angry homebuyers to unclear land titles.
Tata Housing sells homes from Rs5 lakh to Rs14 crore and has around 70 million sq ft of projects under various stages of development.
In December, Hines, a global real estate investment and management firm, said it will invest $23 million in Tata Housing’s premium wellness-themed project Serein at Thane, Maharashtra.
Before that, the Mumbai-based developer and Macquarie Infrastructure and Real Assets (MIRA), a part of Australia’s Macquarie Group Ltd, had agreed to jointly invest around Rs2,000 crore to develop high-end residential projects. A memorandum of understanding (MoU) was signed in 2016 but the transaction was subsequently put on hold.
Before joining Tata Housing, Banerjee was CEO of Barista Coffee Co. Ltd (in which Tata Coffee Ltd had bought a stake) and prior to that, was with Tata Chemicals Ltd.