‘Cyrus Mistry replaced in long-term interest of Tata Sons’

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

By: IANS | Mumbai | Updated: October 25, 2016 12:16 pm
tata, tata group, tata group chairman, Cyrus Mistry, global economy, aglc, tata group business, cagr, indian express news, india news, business Cyrus Mistry, former Chairman of Tata Group.

The replacement of Chairman of Tata Sons, Cyrus Mistry was done keeping in mind the “long-term interest” of the company, according to a spokesperson. “The company’s board and the principal shareholders in its 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 told reporters.

WATCH VIDEO: Cyrus Mistry’s Career Timeline

 

 

“There is no change in the CEOs at the operating level,” the spokesperson added. In a surprise move, industrial conglomerate Tata Sons on Monday has replaced Cyrus P. Mistry as its Chairman and named Ratan N. Tata as the interim chairman of the company.

cyrus-mistry-sack-759

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. “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.

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

 

READ | Ratan Tata appointed interim Chairman of Tata Sons

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.

For all the latest India News, download Indian Express App

  1. K
    kumar
    Oct 24, 2016 at 2:08 pm
    Three years into the reign of Chairman Cyrus Mistry -- the first person outside of Tata Group’s founding family in more than seven decades to run India’s largest conglomerate -- his efforts to cut money-losing businesses and reduce costs are taking form.lt;br/gt;Total operating profit at 25 listed Tata companies, the last of which reported last week, rose about 29 percent in the three years ended March 2016 and combined revenues climbed 25 percent, according to data compiled by Bloomberg. Those growth figures edge out the 23 percent expansion in the country’s gross domestic product during that period.lt;br/gt;lt;br/gt;REFERENCE :
    Reply
    1. K
      kumar
      Oct 24, 2016 at 2:07 pm
      Reply
      1. R
        Rama Krishna
        Oct 24, 2016 at 1:07 pm
        This is PR Mumbo-Jumbo, you don't "Sack" a Chairman for Long Term interests, rather you "Ease" them out.lt;br/gt;lt;br/gt;There obviously is something here that doesn't meet the eye. Was it that Cyrus was becoming too big for his boots, stepping on Ratan Tata's shoes? Or something more sinister?? lt;br/gt;lt;br/gt;#TATA's owe it to themselves to come clean to protect the image of the Insution, illustrious forefathers have built.
        Reply