Tata Sons removed Cyrus Mistry as its chairman, after almost four years. He was appointed as the first chief of the conglomerate from outside the immediate Tata family.
A press release said after a board meeting in Mumbai, that, “Tata Sons today announced that its Board has replaced Mr. Cyrus P. Mistry as Chairman of Tata Sons....The Board has named Mr. Ratan N. Tata as Interim Chairman of Tata Sons.”
The selection panel comprises “Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons”.
Mistry had worked as the deputy chairman of Tata Sons, the holding company of the Tata Group, for more than a year before the board announced that he would succeed Tata.