Topyaps Logo

Topyaps Logo Topyaps Logo Topyaps Logo Topyaps Logo

Topyaps menu

Responsive image

Cyrus Mistry Shown The Door And Ratan Tata Brought Back In Big Change Of Helm At Tata Sons

Published on 24 October, 2016 at 7:24 pm By

It was a shocking Monday for Indian economy as the board of Tata Sons showed the door to Cyrus Mistry and brought back Ratan Tata at the helm.

“Tata Sons today announced its board has replaced Mr Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today,” a Tata Sons statement said.


Advertisement

 

PTI

PTI

The development took place following a meeting in the evening of Monday and partly shook Dalal Street. Ratan Tata will be the interim chairman for four months. He is also among a five-member search committee entrusted with finding a successor within this period.

The five-member board includes TVS Group head Venu Srinivasan, Amit Chandra of Bain Capital, former diplomat Ronen Sen and Lord Kumar Bhattacharya.

 




The 48-year-old Mistry took over from Ratan Tata on December 28, 2012. He became chairman on the basis of his representation from Shapoorji Palonji, the largest shareholder in Tata Sons.

The exact reason why he has been removed is not clear but analysts point out that under Mistry’s leadership, some of Tata businesses did not perform as expected especially the steel business.

Stocks of some Tata group companies did not take a hard fall at the perhaps because of Ratan Tata’s return and because the announcement came towards the closing bell.

 

BSE

BSE

Though Mistry has been removed, the positions of the CEOs of the group various businesses have not been touched.


Advertisement

Cyrus was the sixth chairman and only the second non-Tata (after Nowroji Saklatwala) to head the 143-year-old Tata Group in 2012.

Advertisement

Latest Stories

14 Creative Photography Tricks That You Can Use To Take Amazing Pictures

14 Creative Photography Tricks That You Can Use To Take Amazing Pictures


Saif Ali Khan’s Starrer Laal Kaptaan Leaked by Piracy Website Tamilrockers

Saif Ali Khan’s Starrer Laal Kaptaan Leaked by Piracy Website Tamilrockers


Weird Advertising Slogans And Taglines Which Are Not Easy To Digest

Weird Advertising Slogans And Taglines Which Are Not Easy To Digest


Bunch of Funny Non-Veg Jokes To Feed Your Head

Bunch of Funny Non-Veg Jokes To Feed Your Head


Telugu Movie ‘Sye Raa Narasimha Reddy’ Becomes The New Victim of Tamilrockers, Leaked Online

Telugu Movie ‘Sye Raa Narasimha Reddy’ Becomes The New Victim of Tamilrockers, Leaked Online


Advertisement

Most Searched

More From Business

Popular on The Web