In an official statement released on its website, Tata Group has stated that the board of Tata Sons replaced Cyrus Mistry from the post of chairman. This decision was taken at a board meeting held today. The board has appointed Ratan Tata as the interim chairman.
The board has also set up a special selection committee to search for a new chairman. The selection committee has been given four months to find a replacement. The selection committee comprises of Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, according to the criteria in the Articles of Associations of Tata Sons.
Cyrus Mistry, 48, was appointed as chairman of Tata Sons in 2012. Ironically, he had replaced Ratan Tata on his retirement. He holds a degree in civil engineering from Imperial College London and began working at the Tata Group in 1991.
To find out more, we got in touch with Tata Motors but they refused to share any information. We will be sharing more details about this development over the next few days.