Global giant Tata is seeking someone with “experience and exposure to direct its growth amidst the challenges of the global economy” to succeed current chairman Ratan Tata.

Tata announced that its board has formed a selection committee, comprising five members, including an external member, to decide upon on a suitable successor to Ratan Tata who is due to retire at the end of December 2012.

The Indian firm says the committee has already begun work on finding a successor.

“The committee is in the process of formulating criteria for identifying the most suitable candidate, taking into account the global nature and complexity of the Tata group’s business at the present time.

“The selection process for a prospective candidate would consider suitable persons from within the Tata companies, other professionals in India as well as persons overseas with global experience.”