Business | Mistry removed as Tata chairman, Ratan Tata named interim head
Cyrus Mistry speaks to shareholders during TCS annual general meeting in Mumbai in this file photo-- REUTERS/Vivek Prakash
Cyrus Mistry speaks to shareholders during TCS annual general meeting in Mumbai in this file photo-- REUTERS/Vivek Prakash

Mistry removed as Tata chairman, Ratan Tata named interim head

Board gives no details on reasons for Mistry's removal; media speculates discontent with strategy

MUMBAI/DELHI, October 25, 2016 9:50 AM (UTC+8)

Ratan Tata, patriarch of one of India’s most influential families, will take over as interim chairman of Tata Sons after the salt-to-software conglomerate’s board ousted Cyrus Mistry, who had sought to shake up the firm’s management.

Tata, who had stepped down as chairman and was replaced by Mistry in late 2012, will head the group for four months while the company seeks a replacement.

Tata Sons is a large shareholder in a string of listed Tata Group companies – a business empire ranging from Jaguar Land Rover cars and steel mills to aviation and salt pans.

The board said in a statement on Monday it was decided “it may be appropriate to consider a change for the long-term interest of Tata Sons and Tata group.”

While the board gave no detailed reason for the change, some media reports said there has been discontent with some of Mistry’s actions, including asset sales. Read More

 

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