Ratan Tata takes over as interim chairman of TATA Sons again!
Q. Cyrus Mistry the chairman of TATA Sons has been removed from his post by the board on 24th Oct. Who is currently the interim chairman?- Published on 25 Oct 16a. Ronen Sen
b. Venu Srinivasan
c. Ratan Tata
d. None of the above
ANSWER: Ratan Tata
On Oct 24, 2016, the TATA Sons board fired Cyrus Mistry less than 4 years into his term at the chief of the software-to-steel conglomerate
- The board did not give a reason for the removal of the 48-year-old Irish citizen
- Predecessor Ratan Tata was appointed as interim chairman
- Mistry had earlier headed the Shapoorji Pallonji Group’s construction business has been considered by many to be struggling to lift the conglomerate’s financial performance
- The divestment of its struggling UK assets and corporate divorce with NTT DoCoMo were seen as reasons for this abrupt dismissal
- While TCS and TATA Motors performed well, during Mistry’s period, the four other flagship companies underperformed
- TATA Trusts, the principal shareholder of TATA Sons with a 66 percent stake was not impressed with Mistry’s performance
- TATA Sons has set up a selection committee comprising Ratan Tata, industrialist Venu Srinivasan, Ronen Sen, Amit Chandra and Lord Kumar Bhattacharyya
- The Shapoorji Pallonji group which has 18.4 percent in TATA Sons is said to be working on a legal challenge to Mistry’s removal as chairman
- Mistry was the sixth chairman of the group
- He was only the second chairman who did not carry the TATA name after Nowroji Saklatwala
