In a surprising move, Tata Sons on Monday decided to announce a significant change in its top leadership. The Board of Tata Sons has replaced Cyrus P Mistry as Chairman of Tata Sons at a meeting held in Mumbai reported Economic Times. “Tata Sons today announced its board has replaced Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today,” a Tata Sons statement said.
“The board has currently named Ratan Tata as interim chairman of the conglomerate. It has also constituted a selection committee to choose a replacement within four months reported The Hindu on the matter,” added the Tata Son’s statement. The selection committee comprises Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya.
Mistry, 48, was the sixth group chairman. In addition to being group chairman, Mistry is also the chairman of leading Tata group companies, including Tata Steel, Tata Motors, Jaguar Land Rover Automotive, Tata Consultancy Services, Tata Power Company, The Indian Hotels Company, Tata Global Beverages, Tata Chemicals, Tata Industries and Tata Teleservices.
He was chosen as the successor of the $100 billion conglomerate in November, 2011, and was appointed Deputy Chairman of Tata Sons, whose board he had entered in 2006. He was then made chairman on the basis of his representation from Shapoorji Palonji, the largest shareholder in Tata Sons added PTI.