Telangana News

In a shocking move, Cyrus Mistry was removed as the chairman of Tata Sons and replaced by Ratan Tata, who will be the interim chairman for 4 months.

Mistry has been serving as the chairman since 2011 replacing the then Chief Ratan Tata. Now, after the latest decision to sack him, the board named a five-member search committee, which includes Tata, to choose a successor to Mistry within four months. 

The reasons for the sudden change of leadership are not known, but reportedly, Tata Sons was not happy 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. According to the company sources, CEOs at the operating company level of the group have not been consulted before taking the decision.

The board constituted a selection committee comprising Tata, TVS Group head Venu Srinivasan, Amit Chandra of Bain Capital, former diplomat Ronen Sen and Lord Kumar Bhattacharya. All of them, except Bhattacharya, are on the board of Tata Sons.