Nearly four years after he took charge as Chairman of the Tata Sons, Cyrus Mistry was sacked from the post on Monday. A Tata Sons statement said, “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.” 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. Mistry was chosen by a five-member panel in 2011 to succeed Ratan Tata, when the veteran industrialist retired at the age of 75.
WATCH VIDEO: Cyrus Mistry’s Career Timeline
Born on July 4, 1968, Mistry completed his graduation in civil engineering from London’s Imperial College of Science, Technology and Medicine and followed it up with a masters in Management from the London Business School.
After assuming office, he had to face some challenging situations such as the decision to sell Tata Steel UK in the wake of mounting losses. The Tata group is also engaged in a legal battle with Japan’s Docomo over the split of their telecom joint venture Tata Docomo. In an interview with an in-house magazine, Mistry had recently stated that the group “should not be afraid of taking tough decisions for the right reasons, with compassion” amid “challenging situations” confronted by some of the group’s businesses that would require hard and bolder decisions on pruning portfolio.
This was in contrast to steps taken by Ratan Tata, who led the group into some notable acquisitions, starting from Tetley by Tata Tea for USD 450 million in 2000, to steelmaker Corus by Tata Steel in 2007 and the landmark Jaguar Land Rover in 2008 for USD 2.3 billion by Tata Motors. During Ratan Tata’s tenure, the group’s revenues grew manifold, totalling USD 100.09 billion (around Rs 475,721 crore) in 2011-12 from a turnover of a mere Rs 10,000 crore in 1991.
For all the latest India News, download Indian Express App nowFirst Published on: October 24, 2016 7:13 pm