Surprisingly the Monday board meeting was a shocker for Cyrus Mistry, ex-chairman of Tata Sons. Ratan Tata is back to action for 4 months till the board hires a new chairman. Read more on Ratan Tata.
Cyrus Mistry was appointed chairman of Tata Sons that had various companies under it. Including Tata Industries, Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power , Tata Teleservices, Indian Hotels, Tata Global Beverages and Tata Chemicals. The exact reason for dismissal is not confirmed yet. He joined the board of Tata Sons in September 2006 and in 2012 he succeeded Rata Tata to take up the position of Chairman.
A committee has been setup to hire a Chairman within 4 months. The committee will include Ratan Tata, Ronen Sen, Venu Srinivasan, Amit Chandra. The decision has been taken after the board meeting today held in Mumbai. The turnover of Tata has dropped to $103 Billion from $108 Billion from last financial year and debt rose to $24.5 Billion from $23.4 Billion. Read Business News.