In a shocking move, Tata Sons Board has replaced Cyrus Mistry with Ratan Tata as the interim chairman of the group. The decision was taken at a board meeting on Monday. Mistry has resigned from his post as chairman. A new selection committee has been constituted by the company to choose new Chairman. The Committee will be comprised of Ratan N. Tata, Ronen Sen, Lord Kumar Bhattacharyya, Venu Srinivasan and Amit Chandra, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months. The move sent shock waves to India inc as there was absolutely no hint about this development from recent events. Here’s a track of five recent happening which put Mistry to headlines:
For his comment on Group’s exit from other Businesses
Cyrus Mistry has said he is “not embarrassed” to admit that exits for the group, which has exited over 40 businesses in 20 years, are usually the last resort and the conglomerate does not take decisions about exiting through a “short-term financial lens”.
For his interview with Tata.com
Tata group chaiman Cyrus Mystry urged his companymen to take risks. In his interview with in-house magazine, Mistry said: On the risks front, if we are not agile I think we will be left behind.”
Named board member of FCLT Global
Tata group chief Cyrus Mistry was named among the board members of FCLT Global — a body dedicated to encouraging long-termism in business and investment decision-making. Cyrus was named among the top global industry leaders, including Unilever CEO Paul Polman and McKinsey & Co Global Managing Partner Dominic Barton.
For his interaction with Canadian PM Justin Turnedau
Tata Group chairman Cyrus Mistry had a long interaction with Canadian PM Justin Turnedau. The two met earlier this month and had a lengthy discussion on investments in Canada and Indo-Canadian business partnerships. “Good visit with @TataCompanies chairman Cyrus Mistry today. When companies invest in Canada, our middle-class benefits & our economy grows”, the Prime Minister wrote on Twitter, along with this picture.
— Justin Trudeau (@JustinTrudeau) September 27, 2016
For a weird reason – When imposter asked Tata employees to deposit money
Well, not only for business reasons, Tata chairman also made headlines, when a person imposing as Mistry demanded Rs. 3 Lakh from some employees. Thankfully, the employees before depositing their money, decided to verify the e-mail.