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
— Shrimi Choudhary (@shrimichoudhary) October 24, 2016
Very sad story, Chairman removed, TATA Group has history of removal of Russi Modi earlier in 1990s😄😱 #CyrusMistry
— শান্তনুChakravarty (@VibrantSoul85) October 24, 2016
#CyrusMistry s dumped from the chairman post of TataSons, now one cud access & assess what the “intolerance” of Ratan Tata was all about..
— आशीष कुमार अग्रवाल (@coomarashish) October 24, 2016
— Robin Bhowmik (@RobinBhowmik) October 24, 2016
— Raghav Chandak (@raghavc1) October 24, 2016
लगता है, इसके पिछे भी #मोदी का हाथ है।
— છટક (@Ding_Donng) October 24, 2016
— Sucheta Dalal (@suchetadalal) October 24, 2016