Cyrus Mistry resigns as Chairman of Tata Sons, the holding organization of Indian conglomerate Tata Group. The choice was taken at a Board meeting held on Monday. Be that as it may, the organization did not give any reason for this. He joined Tata Sons as Chairman in December 2012.
The Board has named Ratan N Tata as Interim Chairman of Tata Sons. The Board has constituted a Selection Committee to pick another Chairman. The Committee involves Ratan N Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, according to the criteria in the Articles of Association of Tata Sons. The board of trustees has been commanded to finish the determination procedure in four months.
In addition to being Group Chairman, Mistry is likewise the director of Tata group organizations including Tata Steel, Tata Motors, Jaguar Land Rover Automotive, Tata Consultancy Services, Tata Power Company, The Indian Hotels Company, Tata Global Beverages, Tata Chemicals, Tata Industries and Tata Teleservices.
Not everybody is happy with the goings on in the Tata Group and inquiries are being raised about the appointment of Ratan Tata as between t chairman of the Tata Group. In a interview to ET Now, former Infosys board member Mohandas Pai said he did not think bringing back Ratan Tata was a positive step. “It is worrisome for many investors who are following Tata Sons… I really don’t know why Cyrus Mistry resigned, he had got many changes in Tata Sons,” Pai added
Mistry was before managing director of the Shapoorji Pallonji Group. Under his initiative, Shapoorji Pallonji’s development business developed into a billion-dollar venture, advancing from pure-play development to execution of complex undertakings in the marine, oil and gas, and rail parts, over various worldwide geologies.
Mistry graduated with a degree in civil engineering from Imperial College, London, UK, in 1990. In 1997, he got a MSc in management from the London Business School. Mistry serves as the co-chair of the India-US CEO Forum and the India-UK CEO Forum. He is additionally an individual from the Presidential CEO Advisory Board of the Massachusetts Institute of Technology.