Mistry to be Tata Sons chairman from Dec 28
Mumbai, Dec 18, 2012 DHNS: 22:10 IST
The board of directors of Tata Sons on Tuesday formally announced the appointment of Cyrus P Mistry as chairman after Ratan Tata retires on December 28. The board conferred the honorary title of Chairman Emeritus on Tata, according to a Tata Sons release.
Mistry, who has been serving on the board of Tata Sons since 2006, was appointed successor to Tata in November 2011. Ratan Tata has been chairman of the $100-billion Tata Group since 1991.
Over the last few months, Mistry has been inducted into the board of several Tata companies. Last month, he was appointed on the board of Indian Hotels Company even as Tata stepped down from the board of Tata Global Beverages. Mistry has also been appointed board member to companies such as Tata Motors, Tata Steel, Tata Chemicals and Tata Consultancy Services (TCS).
Asked about his successor's priorities, Ratan Tata had said in a recent interview, "I don't think it is right to have a ghost to shadow somebody. You should be your own person, you should take your own call and you should decide what you want to do.” Mistry has been working closely with Tata in preparation for the transition.
Tata Sons is the promoter of the major operating Tata companies and holds significant shareholdings in these firms. About 66 per cent of the equity capital of Tata Sons is currently held by various philanthropic trusts endowed by members of the Tata family. It owns the Tata name and several Tata trademarks registered in India and around the world.