Rakesh Sarna resigns as MD and CEO of Indian Hotels Co Ltd
Rakesh Sarna, Managing Director and CEO of Tata Group’s Indian Hotels Co Ltd, has resigned from the post upon completion of this three-year tenure.
Saran, who has been asked to continue till September 30, has cited personal reasons behind putting in his papers. Saran was recently given a clean chit by an independent panel in a two-year old sexual harassment case.
“Sarna has submitted his resignation as MD and CEO and as a director of the company and its associated companies for personal reasons,” Indian Hotels said in a BSE filing.
Commenting on the development, IHC chairman N Chandrasekaran said that Saran will continue to serve in the same capacity till September 30.
“Mr Sarna has chosen to resign upon completion of three years tenure as the Managing Director and CEO of the company. The board appreciates his contribution to the company in its transformation to operational excellence,” IHC Chairman N Chandrasekaran said in a release.
“The board respects his decision and has requested him to continue till September 30, which he has kindly agreed to,” it added.
Saran was one of the high-profile recruitments from outside the Tata Group made in 2014 by ousted Tata Sons Chairman Cyrus Mistry. After Mistry’s departure from the group last year, there was speculation that Sarna may follow suit because he was considered to be close to Mistry.
Sarna had joined IHCL in September 2014 replacing the company’s long-serving head Raymond Bickson.
Before he joined IHCL, Sarna was the group president, Americas, of Hyatt Hotels Corporation.