Tata Sons removes Cyrus Mistry as chairman, brings back Ratan Tata

Published October 24, 2016 by lagmen
India-Business-Tata-Cyrus

Just four years after stepping down as chairman of Tata Sons, one of India’s biggest conglomerates, Ratan Tata is back at the group’s helm—at least for now.

On Oct.24, the Tata Sons board announced that it was replacing current chairman, Cyrus Pallonji Mistry. The decision was taken at a board meeting held in Mumbai. The 78-year-old Tata was named interim chairman. The board has now appointed a five-member selection committee, which includes Tata, to choose the next chairman. “The committee has been mandated to complete the selection process in four months,” a Tata Sons statement said.

The surprise move comes at a time when the salt-to-steel conglomerate is betting on new technologies and expanding its digital presence. Mistry was spearheading these initiatives and had also laid out an action plan for the group’s digital efforts. Mistry, 48, was appointed Tata Sons’ chairman in December 2012.

After stepping down as chairman, Tata has been an active investor in India’s startup industry with investments in some 30 companies. He is also reportedly planning to set up a venture capital fund.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: