In a decision that sprang a surprise on Monday, Tata Sons removed Cyrus Mistry as its chairman. He will be replaced by none other than Ratan Tata, from whom he had taken over the reigns nearly four years back. Many are questioning the sudden change, as the decision could hurt the brand value as well as the stock of the company in the short term, while also affecting its stability in public perception in the long term. Ratan Tata will be back as chairman for just about four months.
A selection panel has been formed to find a successor in these many months. Read some of the points below to know about the man:
*Ratan Tata was the chairman of Tata Group, a Mumbai-based conglomerate from 1991 till 2012 when he decided to hand over reigns of the company to Cyrus Mistry, after he turned 75 and opted to retire.
*During the 21 years he led the Tata group, company’s revenues grew over 40 times, and profit, over 50 times.
*During his tenure Tata Tea acquired Tetley, Tata Motors acquired Jaguar Land Rover and Tata Steel acquired Corus. All this turned Tata group from being largely India-centric group into a global business.
*During his tenure only, world’s cheapest car Tata Nano was launched, which still continues to be one of the cheapest in the country although its sales figures are not very flattering.
*n recent years , Ratan Tata has been investing n his personal capacity in a number of e-commerce start-ups and even invested in e-retail major Snapdeal and in January made an undisclosed funding in Teabox — an online store selling premium tea.
*Among awards, he is the recipient of Padma Vibhushan (2008) and Padma Bhushan (2000).