In a surprise move, Tata Sons on Monday removed Cyrus Mistry as its Chairman, nearly four years after he took over the reins of the over USD 100 billion salt-to-software conglomerate. The decision was taken at a Board meeting held in Mumbai.
“Tata Sons today announced its board has replaced Mr Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today,” a Tata Sons statement said.
Ratan Tata, who Mistry had replaced on December 29, 2012, has been appointed as interim Chairman for four months during which a search committee will look for a replacement.
The search committee comprises of Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharya. The committee has been mandated to complete the selection process in four months.
CEOs at the operating company level have not been touched in the rejig.
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.
Tata Sons is the main holding company of the group.
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