Cyrus Mistry removed as Chairman of Tata Group

The board of India’s largest conglomerate Tata Sons Ltd has removed Cyrus Pallonji Mistry (48) as Chairman. However he will remain a director of the individual companies.
The board has replaced him with his predecessor Ratan Tata as interim chairman for four months. Mistry had shortest tenure as Chairman so far at the group.
Mistry had replaced Ratan Tata as chairman in December 2012. He was only the sixth group Chairman in nearly 15 decades and the first from outside the Tata family to be appointed to top most post of Tata group.
Besides, the board also named a five-member search committee to choose a successor within four months. It has given time of four months to choose a successor.

About Cyrus Pallonji Mistry

• Cyrus Pallonji Mistry is son of the billionaire Pallonji Shapoorji Mistry.
• Prior to his appointment as chairman he was deputy chairman of Tata Sons. He had remained the director of Tata Sons since 2006.
• Billionaire Pallonji Mistry, along with his sons, Shapoor Mistry and Cyrus Mistry are owners of 18.5% stake in Tata group. They are largest shareholders on individual basis of group.
• He also had served as chairman of Tata Motors, Tata Chemicals, Tata Steel and Tata Global Beverages.

Month: Current Affairs - October, 2016