Ratan Tata reinstated as interim Chairman, Cyrus Mistry removed
Tata Group, one of the largest Indian conglomerate, took a surprising move earlier today. News from Bombay House, the headquarters of Tata Group, post the board meeting is that they have re-instated 78 year old Ratan Tata, Chairman Emiritus as the Chairman of the Tata Group and removed Cyrus P Mistry from the post.
It was on 29th Dec 2012 that Ratan Tata had announced his retirement, and handed over the reins to a young Cyrus P Mistry. It is not clear as to why Cyrus P Mistry was removed from the post.
Reports reveal that it has to do with Mistry's business decisions. Tata Group was apparently unhappy with Cyrus' approach of selling Tata's non-profit businesses and concentrating only on cash cows. "Tata Sons today announced its board has replaced Mr Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today," a Tata Sons statement said.
Tata Group is diversified into steel, Tata Motors (automobiles), chemicals, telecommunication, IT, food and beverages and the hospitality industry and is well recognised across the globe. Ratan Naval Tata was first announced as the Chairman back in 1991. Below is a brief of Ratan Tata's achievements.
Ratan Tata has been awarded the Padma Bhushan in 2000, Padma Vibhushan in 2008 and Lifetime Achievement Award by the Rockefeller Foundation in 2012. Ratan Tata is a member of the Prime Minister's Council on Trade and Industry, and member of the advisory board and board of trustees of RAND's Center for Asia Pacific Policy. He's an East-West Center board of governor, and member of program board of the Bill 038; Melinda Gates Foundation's India AIDS initiative.
Ratan Tata is also a member of the international advisory boards of the Mitsubishi Corporation, the American International Group, JP Morgan Chase and Booz Allen Hamilton. His board of trustees responsibilty also extends to the University of Southern California and Cornell University.Ratan Tata is board member on the Republic of South Africa's International Investment Council, and a member of the Asia-Pacific advisory committee for the New York Stock Exchange. This part the head honcho is honoured as Knight Commander of the Order of the British Empire (K.B.E.).