The Corporate world of India was in for a shock today – from one of the most venerated business houses of the country.
“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.
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.
Ratan Tata, who had taken voluntary retirement as Chairman some years ago, is stepping in again as interim chairman for a few months.
A selection panel has been formed to find a successor in four months. The committee will include Ratan Tata, Ronen Sen, Venu Srinivasan, Amit Chandra. The decision has been taken after the board meeting today.