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1st LD Writethru: India's Tata Group sacks Cyrus Mistry as chairman

Xinhua, October 24, 2016 Adjust font size:

India's Tata Group Monday sacked Cyrus P. Mistry as the company's Chairman and replaced him with 78-year-old Ratan Tata as the interim chairman, in a surprising move.

"The decision was taken at a board meeting held today (Monday)," Tata Sons, the holding company of the Tata Group, said in a release. However, no details were given by the company for the change.

The board has also set up a selection committee to choose a new chairman within four months. The committee includes Ratan Tata.

However, Mistry will continue to be the director of the 150-year-old Tata Group, a position he has been holding since 2006.

Mistry, who was the first chairman to be appointed from outside the Tata family, has led the 100 billion U.S. dollars Tata Group since late December 2012 after Ratan Tata relinquished office at 75.

Mistry was earlier the Managing Director of the Shapoorji Pallonji Group, one of the biggest shareholders of the Tata Sons, and he transformed it into a billion-dollar enterprise.

Tata Sons owns Jaguar Land Rover, as well as Tetley Tea. It is one of India's oldest conglomerates and is made up of over 100 companies, including Tata Steel, Tata Motors and Tata Consultancy Services. Endit