Agreed to perform Chairman's role in interest of stability: Tata

Taking over as the interim Chairman of the Tata Sons after the sacking of Cyrus Mistry, Ratan Tata wrote to employees stating he agreed to take up the role of interim Chairman in the interest of stability and reassurance to the group.

In a letter, Tata, 78, said the board of directors of Tata Sons in its meeting today replaced Cyrus P Mistry as Chairman, with immediate effect. "A new management structure is being put in place and a selection has been constituted to identify the next Chairman of Tata Sons," he said.

Tata, who became Chairman Emeritus of the group when he retired on December 29, 2012, further said: "The committee has been mandated to complete the process in four months. In the interim, the board has requested me to perform the role of Chairman and I have agree to do so in the interest of stability of and reassurance to the Tata group."

Before he hung up his boots nearly four years back, Tata had led the salt-to-software conglomerate for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991.