The Tata Group is set for a leadership change at Trent Ltd, one of its key retail businesses. Bahram N Vakil is set to succeed Noel Tata as the company’s chairman.
The appointments were approved during the board meeting on October 29. Vakil’s appointment marks a shift from a business leader associated with the expansion of the group’s retail operations to a corporate lawyer with experience in financial restructuring, insolvency and project finance.
The transition comes amid differences between the Tata Sons board and Tata Trusts over the group’s governance and control.
According to the company’s stock exchange filing, Vakil will assume the chairmanship on November 12, a day after Noel Tata steps down from the position. Noel Tata will retire as chairman and director at the close of business on November 11, following nearly 29 years of association with Trent. He will continue his association with the company as chairman emeritus.
Who Is Bahram Vakil?
Bahram Vakil is the co-founder of AZB & Partners, one of India’s leading law firms. He has built his career in corporate law, restructuring, insolvency, infrastructure and project finance. He holds an LLM degree from Columbia University and is a member of the New York State Bar.
Vakil became part of the board of Tata Investment Corporation in March 2025, taking on the roles of vice-chairman and independent director. He was also reportedly considered for a position on the Tata Sons board during discussions over vacancies.
Over the course of his legal career, Vakil has advised distressed funds, insolvency professionals and domestic and international banks on restructuring and bankruptcy matters. He has also worked on large stressed accounts referred by the Reserve Bank of India for insolvency proceedings.
In 2023, Vakil served on the Insolvency Law Academy’s Thought Committee on Bank Insolvency and was also part of an expert committee formed to recommend changes to arbitration law. He also chaired ASSOCHAM’s National Council on Insolvency and Bankruptcy Code and Valuation that year. Vakil has also been recognised by international legal publications for his work in restructuring and project finance.
Noel Tata Stepping Down
Noel Tata will step down as chairman and director of Trent on November 11, after nearly three decades with the company. The board approved the transition at its meeting on October 29, in accordance with the Tata Group’s governance guidelines relating to board composition and director retirement.
Noel Tata has been associated with Trent since 1997 and played a key role in the company’s growth and expansion in India’s retail sector. In its exchange filing, the company said his leadership had helped Trent achieve important milestones, strengthen its market position and deliver sustained growth for stakeholders.