Agreed to perform Chairman’s role in interest of stability, says Ratan Tata; informs PM about change in management

In a letter, Tata, 78, said the board of directors of Tata Sons in its meeting on Monday replaced Cyrus P Mistry as Chairman, with immediate effect.

By: PTI | Mumbai | Updated: October 25, 2016 11:59 am
cyrus mistry, ratan tata, tata sons, cyrus mistry removed, tata, ratan tata interim chairman, business news, twitter reaction, twitter on ratan tata Tata had led the salt-to-software conglomerate for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991.

Taking over as the interim Chairman of the Tata Sons after the sacking of Cyrus Mistry, Ratan Tata wrote to employees stating he agreed to take up the role of interim Chairman in the interest of stability and reassurance to the group. In a letter, Tata, 78, said the board of directors of Tata Sons in its meeting on Monday replaced Cyrus P Mistry as Chairman, with immediate effect.

He also wrote to Prime Minister Narendra Modi informing change in the top management of Tata Group.

WATCH VIDEO: Cyrus Mistry’s Career Timeline

 

“A new management structure is being put in place and a selection has been constituted to identify the next Chairman of Tata Sons,” he said. Tata, who became Chairman Emeritus of the group when he retired on December 29, 2012, further said, “The committee has been mandated to complete the process in four months. In the interim, the board has requested me to perform the role of Chairman and I have agree to do so in the interest of stability of and reassurance to the Tata group.”

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WATCH VIDEO: Cyrus Mistry Removed As Chairman of Tata Sons: Here’s What Happened

 

Before he hung up his boots nearly four years back, Tata had led the salt-to-software conglomerate for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991.