Tata Sons replaces Cyrus Mistry as chairman, Ratan Tata is back read more at here www.spinonews.com/index.php/item/1401-tata-sons-replaces-cyrus-mistry-as-chairman-ratan-tata-is-back

Tata Sons today announced that its Board has replaced Mr. Cyrus P. Mistry as Chairman of Tata Sons. The Board has named Mr. Ratan N. Tata as Interim Chairman of Tata Sons.

Ratan Tata, interim chairman of Tata Group, has written to Prime Minister Narendra Modi, informing him about the decision of the Tata Sons Board to replace Chairman Cyrus P Mistry.

Tata wrote to PM Modi after assuring employees of the Tata Group.

 

According to some analysts and observers, Mistry could not bring major turnaround in the business of Tata Group, which was widely expected when he was chosen as the chairman.

Tata had retired in 2012, leading the company for 21 years after being chosen the successor by his uncle, the iconic JRD Tata, in 1991.

Ratan Tata had written to employees of the company, telling them that he took up the role of interim chairman in the interest of stability and reassurance to the group.

[Image sourec: TATA ]

The Committee comprises Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.

No specific reason was provided by Tata Sons to remove Mistry.