Tata Sons, the holding firm of the over $100 billion salt-to-software Tata Group, on Tuesday appointed Cyrus P Mistry as its chairman with effect from December 28 following the retirement of Ratan Tata.
Tata, who will turn 75 on December 28, has also been conferred the honorary title of chairman emeritus by the Tata Sons Board.
“The Board of Directors of Tata Sons today announced the appointment of Cyrus P Mistry as the chairman of the board after Ratan Tata retires on December 28, 2012,” Tata Sons said in a media statement.
Mistry, 43, son of reclusive billionaire Pallonji Shapoorji Mistry, has been a director of Tata Sons since 2006 and was appointed deputy chairman in November last year. Pallonji, along with his sons Shapoor Mistry and Cyrus, controls 18.5 per cent stake in Tata Sons, making the Mistrys the conglomerate’s largest individual shareholders.
Earlier this month, Tata Motors had appointed Mistry as its chairman with effect from December 28. Mistry has also been appointed as the chairman of Tata Steel and Tata Chemicals. Last month, Tata stepped down as chairman of Tata Global Beverages, making way for Mistry, who was also inducted into the Indian Hotels Company Board.