Cyrus Mistry out, Ratan Tata is back

Conglomerate Tata Sons has removed Cyrus Mistry as its Chairman, ex-Chairman Ratan Tata is back as the interim Chairman for four months. Mistry took over the 100 billion salt-to-software conglomerate nearly four years back. Ratan Tata has lead Tata Sons for nearly 21 years after being chosen as a successor by his uncle, the iconic JRD Tata, in 1991.

In a letter to his employees, Tata said, “A new management structure is being put in place and a selection committee has been constituted to identify the next Chairman of Tata Sons. The committee has been mandated to complete the process in four months. In the interim, the board has requested me to perform the role of the chairman and I have agreed to do so in the interest of stability of and reassurance to the Tata Group.”

While addressing the group’s top chief executive officers (CEOs), Tata reportedly said, “It’s business as usual and it’s time to build the group together.” He also appointed Tata Consultancy Services CEO N Chandrasekaran and Jaguar Land Rover CEO Ralf Speth as additional directors on its board.

Though Mistry has ruled out any legal actions, the legal team at Tata Sons have filed caveats in various courts, including in the Supreme Court, National Company Law Tribunals, and in the Bombay High Court.