Ratan Tata is back as the interim Chairman of Tata Sons. The Tata Sons Board took a decision to replace Cyrus P. Mistry as Chairman. This sudden decision which was taken at a Board meeting held in Mumbai on October 24, 2016, has come as a surprise in the corporate world.
“The Board has named Mr. Ratan N. Tata as Interim Chairman of Tata Sons. The Board has constituted a Selection Committee to choose a new Chairman. 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,” said a release issued by Tata Sons.
Cyrus Mistry was at the helm of affairs at Tata Sons for the last four years. It is being rumoured that Mistry was removed at a time when the company is gearing up to push itself ahead in a big way, especially in the automotive industry. Tata Motors recently unveiled the Tata Hexa which is planned for launch early 2017.
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