NEW DELHI / MUMBAI 24 OCT., 2016 (GPN) : Cyrus Mistry resigns as Chairman of Tata Sons, the holding company of Indian conglomerate Tata Group. The decision was taken at a Board meeting held on Monday. However, the company did not give any reason behind the development. 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 choose a new Chairman. The Committee comprises Ratan N Tata, Venu Srinivasan, Amit Chandra, 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.
In addition to being Group Chairman, Mistry is also the chairman of leading Tata group companies 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.
Mistry was earlier managing director of the Shapoorji Pallonji Group. Under his leadership, Shapoorji Pallonji’s construction business grew into a billion-dollar enterprise, evolving from pure-play construction to execution of complex projects in the marine, oil and gas, and rail sectors, across a number of international geographies.
Mistry graduated with a degree in civil engineering from Imperial College, London, UK, in 1990. In 1997, he received an 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 also a member of the Presidential CEO Advisory Board of the Massachusetts Institute of Technology.