塔塔集团董事长放弃连任，市值蒸发45亿美元
Why Leadership Turmoil at Tata Sons Is Deepening
塔塔集团是印度最大企业集团之一，董事长意外宣布不连任导致市值单日蒸发45亿美元，属于重大公司治理事件，建议关注后续继任安排及对集团旗下上市公司的影响。
Tata Group shares will be in the spotlight when trading in India begins later on this hour. Group companies wiped out $4.5 billion in market value on Wednesday. This is after Chairman N. Chandrasekaran announced that he won't be seeking reappointment upon completion of his term. Let's get a bit more on this story with Kamal Ramachandran, an expert on Indian entrepreneurship and family businesses at the Indian School of Business.
塔塔集团的股票将在本时段稍后印度交易开始时成为焦点。周三，集团旗下公司市值蒸发了45亿美元。这是在董事长纳塔拉詹·钱德拉塞卡兰宣布任期结束后不再寻求连任之后发生的。让我们与印度商学院研究印度创业和家族企业的专家卡迈勒·拉马钱德兰一起了解更多详情。
Ram, thank you so much for joining us today. Now, we did have some background for us there. What does this look like to you? Why the demand from Chair Chandra that there be unanimity around him for the chairmanship? And why just step down because he's not getting it? Yeah, it's to me, it's a very, very shocking kind of situation, which should not have happened. This is primarily because Tata has always been considered as an institution.
拉姆，非常感谢你今天加入我们。现在，我们确实有一些背景信息。你对此怎么看？为什么钱德拉主席要求围绕他担任主席一职达成一致？为什么仅仅因为没有得到支持就辞职？是的，在我看来，这是一个非常非常令人震惊的情况，本不应该发生。这主要是因为塔塔一直被视为一个机构。
It has evolved since Jamsetji had set it up long ago. Long ago. All the leaders, all the successors have built it up together. And there are some of the key values driven, followed by the Tatas, one is continuity. Fundamental leads us towards stewardship, nation building, predictability. All these values have been there, and this announcement has precipitated that. It has become so bad that Tata has lost that kind of a confidence.
自从贾姆塞特吉很久以前创立以来，它一直在发展。很久以前。所有的领导人和继任者共同建设了它。塔塔遵循一些关键价值观，其中之一是连续性。根本的价值观引导我们走向管理、国家建设、可预测性。这些价值观一直存在，而这一公告加速了事态发展。情况变得如此糟糕，以至于塔塔失去了那种信心。
And that is reflected in terms of the stock market performance also. So it's a major, major challenge for Tata also, because there is actually three key things related to this. One is that this was this, everyone thought that this would blow away. This will not get into this kind of a situation where Chandra would put in these papers. And this is really shocking. What is this going to mean for succession then at Tata in terms of who is the chair?
这也反映在股市表现上。所以这对塔塔来说也是一个重大挑战，因为实际上与此相关有三件关键事情。一是，每个人都认为这会过去。不会陷入钱德拉提交辞呈的这种境地。这确实令人震惊。这对塔塔的继任意味着什么，谁将担任主席？
And, you know, particularly now that this AGM is supposed to be happening in five days, won't be going ahead? It's going to be tough. I mean, there are I mean, to me, there are multiple reasons, factors involved. One is the, regaining the confidence of the multiple stakeholders. It's not the shareholders because Tata has always been a service oriented society, controlled, trust based organisation. So and also there are multiple stakeholders, you say a highly diversified conglomerate.
而且，你知道，特别是现在股东大会预计在五天后举行，不会继续了吗？这将会很艰难。我的意思是，我认为涉及多个原因和因素。一是重新赢得多个利益相关者的信心。不仅仅是股东，因为塔塔一直是一个服务导向的社会，受控的、基于信托的组织。而且还有多个利益相关者，你说它是一个高度多元化的企业集团。
And everyone has faith in this belief and this. Many people who work for this are associated with Tata because of the trusteeship principle. It has always followed. And regaining that kind of a confidence is not going to be easy, because this is, Tata and has never been considered to say sort of a typical family business with feuds inside and the owner driven kind of a purpose. All of this has been professionally managed throughout.
每个人都对这个信念和这一点抱有信心。许多为此工作的人因为受托人原则而与塔塔集团联系在一起。它一直遵循这一原则。而重新获得这种信心并不容易，因为这是塔塔，从未被认为是一种典型的家族企业，内部有争斗，且由所有者驱动。所有这一切都是专业管理的。
So regaining that kind of confidence is not going to be so easy. That's one. Second is that succession is not an event. Succession is a process and succession, especially for the again or an organization which has which is driven by two key dimensions. One is the business performance, economic performance and actual performance. That's one part. The second is the values. And always, I mean, right, I'm sure they are... or even when they look for ... ... and there was also questions about his commitment to the values that led to the conflict between this ministry and his exit.
所以重新获得这种信心并不那么容易。这是第一点。第二点是，继任不是一个事件。继任是一个过程，尤其是对于一个由两个关键维度驱动的组织。一个是业务表现、经济表现和实际表现。这是第一部分。第二个是价值观。而且，我确定他们……甚至当他们寻找……也有关于他对价值观的承诺的问题，这导致了该部门之间的冲突和他的离职。
So when we know all these things, finding a successor is one. Is that finding a successor is not easy. It took long this time it took long. And it's not going to be easy, that's why. Second is that even if you find somebody, will there be somebody who is interested in stepping into this role, especially this time. And there are two different factors. One is, is that the external environment is turbulent. And whether you think geopolitical, technology or market conditions and everything is boiling and it's a stormy water, you don't change the captain of the ship.
所以当我们知道所有这些事情时，找到继任者是一回事。找到继任者并不容易。这次花了很长时间。而且不会容易，这就是原因。第二点是，即使你找到了某人，是否有人有兴趣担任这个角色，尤其是这次。而且有两个不同的因素。一个是外部环境动荡不安。无论你认为地缘政治、技术还是市场条件，一切都在沸腾，是暴风雨般的水域，你不会更换船长。
When the ship of the ship is, uh, in the, in the water of waters. And that is very important, finding somebody who is capable, who is interested in stepping and will be very difficult. Um, third point, very briefly, is that regaining the purpose that's also going to be very difficult.
当船在波涛汹涌的水中时。这非常重要，找到有能力、有兴趣接手的人将非常困难。嗯，第三点，简而言之，是重新获得目标也将非常困难。
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