India’s Tata Sons bids surprise farewell to Cyrus Mistry as chairman
Battling to offload unprofitable UK steel assets and hit by poor car sales, the $100bn Tata Sons international conglomerate has dumped chairman Cyrus Mistry
Mumbai — India’s Tata Sons dumped Cyrus Mistry as its chairman in a surprise announcement on Monday, almost four years after his appointment as the first chief of the conglomerate from outside the Tata family. The decision comes as the steel arm of the sprawling $100bn conglomerate struggles to offload unprofitable UK assets while its car-making business continues to be plagued by weak sales. "Tata Sons today announced that its board has replaced Mr Cyrus P Mistry as chairman of Tata Sons. The decision was taken at a board meeting held here today," the company said. Ratan Tata had been appointed interim chairman until a successor was appointed — a sensational comeback for the 78-year-old media-shy industrialist, who made way for Mistry in December 2012. The search for a successor to Mistry, 48, was likely to take four months, the company said. Tata Sons is the holding company of the massive tea-to-steel Tata Group, arguably India’s most famous family conglomerate, which has at least...
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