Tata Consultancy Services has appointed Ishaat Hussain as chairman with immediate effect. Hussain will hold office until a new chairman is appointed. Cyrus Mistry ceased to be chairman.
Mistry was removed as chairman of TCS early in November. The decision was taken in interest of the company, claimed Ratan Tata.
Tata Trusts, which holds 66 per cent of the stakes in Tata Group, was reportedly frustrated with the lack of vision presented before them by Mistry. There was an escalating concern regarding the future cash flows in the company.
Tata was increasingly reliant on Tata Consultancy Services, one of the few profit making subsidiaries of Tata.