PTINew Delhi, Delhi, IndiaOct 24, 2016, 11.58 AM (IST)
Tata Sons today removed Cyrus Mistry as its chairman, four years after he took over the conglomerate. Ratan Tata will be the interim chairman of Tata Sons for four months till a replacement is found.
There have been no signs in the recent past of such a move by the business group. Mistry had replaced Tata on December 29, 2012 to head the over USD 100 billion company.
No CEOs at the operating company level have been affected by the rejig.
The search committee will comprise Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharya.
No reasons have been given yet for the change of leadership.
Ratan Tata ran the group known for long-serving chairmen for 21 years before making way for Mistry. JRD Tata served as chairman for 53 years.
The shortest stint before Mistry’s was Nowroji Saklatwala’s six years up to 1938.In September, Mistry had in an interview to an in-house publication spoken about his vision for the next 150 years.
The projects under Mistry consist of the Kalinganagar plant of Tata Steel Ltd, new launches by Tata Motors Ltd and aerospace partnerships of Tata Advanced Systems Ltd with global companies like Boeing Co, Airbus SAS and RUAG Aviation AG.