Mumbai: What has taken the corporate world by storm is the sudden manner in which Cyrus Mistry was today sacked as Chairman of Tata Sons and replaced by Ratan N. Tata.
Mystry took over the reins of the Tata empire in 2012. Mystry’s removal was announced after the Board of Tata Sons met here.
The Board has named Ratan N. Tata as Interim Chairman of Tata Sons. 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.
Tata Sons is the promoter of Tata companies and holds significant shareholdings in these companies. Tata companies are referred to as the Tata group and the Chairman of Tata Sons as Chairman of the Tata group.