Ratan Tata replaces Cyrus Mistry as Chairman of Tata Sons

In a shocking move, Cyrus Mistry has been removed from the post of the Chairman of Tata Sons. This decision was taken after the conglomerate's board meeting. Ratan Tata has now taken over as the Interim Chairman of Tata Sons for a period of 4 months. The board of directors has also appointed a selection panel, which will include Ratan Tata, Ronen Sen, Venu Srinivasan and Amit Chandra in order to find Mistry's successor.

No official reasons behind Mistry's exit have yet been put out. However, there are reports that the company's board of directors was not happy with the former Chairman's intent to only focus on profit making businesses, rather than embarking on an innovative approach. Mistry's decision to shut down the company's steel business in Europe had also attracted tough criticism from within the company.

Ratan Tata had stepped down from the Chairman's post in December 2012, after appointing Cyrus Mistry as his successor. He had been at the helm of proceedings for 21 years before making way for Mistry.

Cyrus Mistry is the son of Pallonji Mistry, who is currently the single largest individual shareholder of Tata Sons.

Source: Economic Times