Mumbai: The board of Tata Sons Ltd on Monday replaced Cyrus P. Mistry as chairman, less than four years after he took the helm, and named his predecessor Ratan Tata interim chairman for four months.
The board of the group holding company did not specify a reason for the abrupt move, which was announced after markets closed.
“Tata Sons in its collective wisdom and on the recommendations of the principal shareholders decided that it may be appropriate to consider a change for the long-term interest of Tata Sons and Tata group,” a spokesperson said.
A selection committee comprising Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Kumar Bhattacharyya was given the mandate of finding a replacement for Mistry, 48, who became chairman of the $103 billion conglomerate in December 2012, at the end of Tata’s over two-decade tenure at the top.
The board was given four months to complete the task. “In the interim, the board has requested me to perform the role of chairman and I have agreed to do so in the interest of and reassurance to the Tata group,” Ratan Tata, 78, said in a statement addressed to “colleagues”.
Tata Sons owns Jaguar Land Rover, as well as Tetley Tea. It is one of India’s oldest conglomerates and is made up of more than 100 companies, including Tata Motors, Tata Power and the IT giant, Tata Consultancy Services.