Tata Sons Board appoints Ratan Tata as interim chairman of group,replaces Cyrus Mistry

24 October, Mumbai

In one of the biggest upheavals in the corporate sector, the Tata Sons Board has appointed Ratan Tata as interim chairman of the group, replacing Cyrus Mistry. The decision was taken at a Board meeting today.

Mistry has resigned from his post as chairman. The Board has constituted a Selection Committee to choose a new chairman.

The Committee comprises Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons.

The Committee has been mandated to complete the selection process in four months.Ratan Tata had been chairman from 1991 till his retirement on December 28, 2012.

He had also been the chairman of the major Tata companies, including Tata Motors, Tata Steel, Tata Consultancy Services, Tata Power, Tata Global Beverages, Tata Chemicals, Indian Hotels and Tata Teleservices.

During his tenure, the Group’s revenues grew manifold, totalling over 100 billion US Dollars in 2011-12.Mr Mistry became the sixth chairman of the Tata Group in December 2012, replacing Mr Tata.

Mistry had been the director of the company since 2006. He was earlier managing director of the Shapoorji Pallonji Group.