In one of the biggest upheaval in the corporate sector, Tata Sons has replaced Cyrus Pallonji Mistry as its chairman and named Ratan N. Tata as the interim chairman of the company.
Mistry, 48, born in Ireland, had taken over as Chairman of Tata Sons four years ago, in December 2012.
According to a Tata, Mistry was replaced keeping in mind the “long-term interest” of the company.
The decision was taken at the company’s board meeting. A committee has been formed to select the next chairman within four months.
The committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya.
Cyrus Mistry earned the dubious distinction of becoming the first Tata Sons Chairman to be publicly dismissed, barely four years after becoming the first non-Tata to occupy the position.
Ratan Tata is chairman of the Tata trusts that collectively own 66 percent of Tata Sons.