In a recent event of bowing down, Tata Sons aggregator Ratan Tata (78 years old) resumed to his post thus taking the baton again as Cyrus Mistry, (48 years old) the emeritus of Tata Sons was asked to resign from his post.
In Board of Directors meeting held in the headquarters held today, the committee decided to uphold the decision of choosing or appointing a new chairperson. The board immediately decided to hand over the baton again to Ratan Tata as the interim Chief. The board has also made a selection committee which includes Ratan Tata, Venu Srinivasan, Amit Chandra, Lord K Bhattacharya and Ronen Sen who will choose the Chairman in regard to the selection procedure in the next 4 months.
Tata Group & Sons is the parent company of the 100 billion USD conglomerate, the then Chairman Cyrus Mistry was accredited with the post in December 2012, who succeeded Ratan Tata after servicing for 21 long years. As of now, CEOs at the operating company level will not be affected by the new appointment. The selection process headed for the next 4 months comes under the criteria in the Article of Association of Tata Sons where it has been mandated to complete the task in every plausible way.
As of now, the only reason coming on the way is that the committee wasn’t happy with the leadership mannerisms as Mistry’s approach of shedding non-profit businesses had minimal cash inflow along with Steel business in Europe which provided a steady income.