Tata Sons, holding company of Tata Group, one of the largest conglomerates in the world, has removed Cyrus Mistry as Chairman. Ratan Tata has been appointed interim Chairman for 4 months. Mistry became chairman of Tata Group December 28 in 2012. He is the sixth chairman of the group and the second not to be named Tata, after Nowroji Saklatwala. Here are top 5 points to know about the ousted Cyrus Mistry:
1. Cyrus Mistry is actually an Irish citizen. His family had to give up their Indian citizenship and become Irish citizens in 2003, because the Indian government doesn’t approve of dual citizenship. His father Shapoorji Pallonji is the largest shareholder in the Tata Group with a stake of 18.5% in Tata Sons. He was also recognized by Forbes as the “richest person of Parsi descent”.
2. He has an engineering degree from the Imperial College, London, (1990) and a masters in management from the London School of Business. Mistry joined the board of Shapoorji Pallonji & Co-a firm that his grandfather founded-as director in 1991. Three years later he was appointed managing director of the Shapoorji Pallonji Group.
3. Under him, Shapoorji Pallonji’s construction business grew from a turnover of $20 million to almost $1.5 billion. Mistry oversaw the diversification of Shapoorji Pallonji & Co from construction to design and building of complex projects in the marine, oil and gas and rail sectors. The group employs over 23,000 people and has a presence in India, the Middle East and Africa. Thus he has experience in construction, entertainment, power and finance.
4. He has served on the board of Tata Sons as director for five years; was also member on Tata Elxsi and Tata Power boards. He was also a senior vice-president of production, DQ Entertainment.
5. He is the sixth chairman of the Tata group, after Jamsetji Nusserwanji Tata, Sir Dorab Tata, Sir Nowroji Saklatwala, JRD Tata and Ratan Tata. Mistry is the second of them to not have Tata name.