Citing personal reasons, Rakesh Sarna, the Managing Director and Chief Executive Officer at the Indian Hotels Co. Ltd (IHCL), a part of the Tata Group has quit the company with effect from September 30, 2017. That is also the time when his tenure at the Tata Group gets over.
In a BSE filing, the company said, “The board of directors has taken on record his resignation, and his resignation will be effective from close of business hours on 30 September 2017.”
Former Tata Sons Chairman Cyrus Mistry had recruited Sarna in September 2014 and was considered to be one of the high-profile recruits from outside the Tata Group. He replaced the long-serving Raymond Bickson, who resigned after serving the Group for 11 years. Bickson went on to launch his own hospitality venture in New York City in January 2015 - Bickson Hospitality Group LLC.
Before joining IHCL, Sarna was Group President - Americas of Hyatt Hotels Corporation, based in Chicago. He spent 35 years at Hyatt, managing a portfolio of 383 properties across the US.
Tata Sons Ltd and IHCL chairman N Chandrasekaran said Sarna had chosen to resign on the completion of his tenure. “The board respects his decision and has requested him to continue till 30 September 2017 which he has kindly agreed to,” said Chandrasekaran.
“It has been an honour to serve the Tata Group and I would like to thank my board members and colleagues for their support during my stint at IHCL,” Sarna said in a statement.