Cyrus Mistry removed, Ratan Tata returns as interim chairman of Tata Son: Here’s how twitterati reacted

Cyrus Mistry was sacked as Chairman of Tata Sons and was replaced by Ratan Tata, from whom he had taken over the reins of the over USD 100 billion salt-to-software conglomerate four years ago.

By: Express Web Desk | New Delhi | Updated: October 25, 2016 12:15 pm
Ratan Tata, tata and sons, cyrus mistry, tata, tata news, ratan tata interim chairman, business news Patriarch of Tata Group Ratan Tata.

Tata Sons on Monday removed Cyrus P Mistry as its Chairman and named Ratan N. Tata as the interim chairman of the company. The decision was taken at the company’s board meeting, a company statement said. A committee has been formed to select the next chairman within four months.

WATCH VIDEO: Cyrus Mistry’s Career Timeline

 

“The committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months,” the statement said.

However, the company did not cite any reason behind the move.

Mistry, 48, born in Ireland, had taken over as Chairman of Tata Sons four years ago, in December 2012.

Mistry was replaced keeping in mind the “long-term interest” of the company, according to a Tata Sons spokesperson.

“The company’s board and the principal shareholders in their collective wisdom took this decision, which they thought may be appropriate in the long term interest of Tata Sons and the Tata Group,” the company spokesperson said.

“There is no change in the CEOs at the operating level,” the spokesperson added.

Here is how twitterati reacted

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