Update Cyrus Mistry removed as Tata Sons chairman, Ratan Tata returns as interim chief

[DashMajor]

In a dramatic development that took the corporates and others by surprise, Cyrus Mistry was on Monday sacked as chairman of Tata Sons. He was replaced by Ratan Tata, who will be the interim chairman for four months.

The announcement came after the board of Tata Sons met here and decided to replace 48-year-old Mistry, who had taken over from Ratan Tata in 2011.

The board named a five-member search committee, which includes Tata, to choose a successor to Mistry within four months.

Mistry was chosen as Tata's successor in November, 2011, and was appointed Deputy Chairman of Tata Sons, whose board he had entered in 2006. He was made chairman on the basis of his representation from Shapoorji Palonji, the largest shareholder in Tata Sons.

There were no reasons given for the change of leadership of the man who was brought in with much fanfare but it is believed that Tata Sons was unhappy with Mistry's approach of shedding non-profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows.

Cyrus Mistry: Cyrus Mistry resigns as Tata Sons chairman, Ratan Tata returns as interim chief

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[THAKUR]

According to media reports, Cyrus Mistry has been removed as chairman of Tata Sons just 4 years after taking over the reins at one of India’s biggest business houses. Ratan Tata is said to be coming back to take over as interim chairman for a period of 4 months till a successor is determined.

A selection committee comprising of Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya has been formed to look for a successor, said media reports.

There have been no changes of CEOs at operating company level.

Cyrus Mistry removed as Tata Sons chairman, Ratan Tata makes return

 

[IndianMascot]

That means Ratan Tata was talking about intolerance from Cyrus and not related to every indian

 

[DashMajor]

Entire Tata Group is intolerant, Tata Steel UK division head is almost fedup with the company.

 

[IndianMascot]

Let's see who takes the position. What will Cyrus be handling now ?

 

[DashMajor]

He's out from Tata will do his family business.

 

[IndianMascot]

What. now that's a shocking news.

 

[DashMajor]

Lots of criticism because of Board decision in TATA.

 

[IndianMascot]

But it is said that Cyrus didn't run the business well.

 

[DashMajor]

He did well in non struggling business but he left behind the major companies like Tata Steel, Tata Motos and other old companies.