The board of Tata Sons, the holding company of the $73 billion Tata conglomerate elevated director Cyrus Mistry to the post of deputy chairman. He will take over as chairman from current incumbent Ratan Tata when he retires in December 2012. This put an end to the most-awaited corporate succession.
In August 2010, the group had formed a selection committee that included Cyrus, to look for Ratan Tata’s successor. Speculation about potential candidates included, apart from Noel Tata, such worthies as Pepsico boss Indra Nooyi.
Cyrus will be the second non-Tata to head the group. A UK-trained civil engineer and London Business School grad, Cyrus has been managing director of Shapoorji Pallonji & Company, the family’s construction flagship since 1994, a responsibility he’s shared with his older brother Shapoor. Though he lacks the famous surname, Cyrus is nonetheless, linked to the Tata family: his sister Aloo is married to Noel Tata who was widely considered as the frontrunner to succeed his step-brother Ratan Tata.