Cyrus Mistry has resigned as the Chairman of the Tata Sons, one of the Indian conglomerate of the Tata Group. This was the outcome of the board meeting on Monday.
Although the company did not give any reason for this move. Mistry joined Tata Sons in 2012 as a Chairman. Currently, the Board has appointed Ratan Tata as the Interim Chairman.
The Board has also set up a Selection Committee to choose a new chairman. The committee includes, Ratan N Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya.
According to the criteria in the Articles of Association of Tata Sons, the selection process of new Chairman should be completed in four months.
Apart from being group Chairman, Mistry was also Chairman of Tata Steel, Tata Motors, Jaguar Land Rover Automotive, Tata Power Company, Tata Consultancy Services, The Indian Hotels Company, Tata Chemicals, Tata Global Beverages, Tata Industries and Tata Teleservices.
Earlier, Mistry was the Managing Director of the Shapoorji Pallonji Group. Under his guidance, the company grew into a billion-dollar enterprise.
Mistry also serves as the co-Chairman of the India-US CEO Forum and the India-UK CEO Forum. He is also a member of the Presidential CEO Advisory Board of the Massachusetts Institute of Technology.