Ratan Tata replaces Cyrus Mistry as the chairperson of Tata Sons

In a recent development in the corporate world, Cyrus Mistry who was selected to be the succeed Ratan Tata as the chairperson of the Tata group was sacked yesterday. Ratan Tata came out of retirement to rest control over the reins of the Tata group once again. It is estimated that this could cause a feud between the two affluent Parsi groups based in Mumbai as the Mistrys own approximately one fifth of the Tata shares.

He was apparently sacked because Tata group wasn’t very happy with the way Mistry was working as he was cutting down on Tata’s non-profitable but philanthropic projects whilst concentrating on the cash cows only. The two releases by Tata Motors Zica and Bolt have both failed. Fears have also mounted at the UK facilities, which produce the Jaguar and Land Rover, over job losses following Brexit.

“The company’s board and the principal shareholders in its collective wisdom took this decision, which they thought may be appropriate in the long term interest of Tata Sons and the Tata Group.” -Tata Group spokesperson

Ratan Tata replaces Cyrus Mistry

Tata Sons needs to look for a new and permanent replacement to Mistry within four months. Mistry continues to carry on his duty as the Tata Sons director. Ratan Tata has also written to the Prime Minister informing him about this change and is scheduled to meet the CEOs on Tuesday.

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