Ratan Tata steps in as interim chairman, reassures “stability of Tata Group” in a letter to employees
Advertisement
Advertisement
After the surprise ouster of Ratan Tata, 78, will take over the position while the group seeks a permanent replacement. A committee has been given four months to find the new chairman.
"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 in a statement.
Tata Sons is the holding company of the sprawling tea-to-steel Tata Group, which spans more than 100 companies in as many countries. Its empire ranges from Jaguar Land Rover and steel mills to aviation and salt.
Advertisement
Mistry belongs to Shapoorji Pallonji, which is the single largest shareholder in Tata Sons with 18.4 per cent stake. Shapoorji and
Mr Mistry had been battling problems on a number of fronts in recent months, including a costly settlement with Japanese telecoms operator NTT Docomo and the sale of Tata Steel's loss-making business in Britain.
The Tata Group includes one of India's largest IT firms, Tata Consultancy Services, and the biggest vehicle maker, Tata Motors. But the group's revenue slipped 4.6 per cent for the financial year ended March to about $103 billion, hurt by global economic uncertainty, a crash in commodity prices and volatility in currencies, according to Bloomberg News. And it is currently trying to sell its loss-making British steel assets.
Advertisement
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- 8 Lesser-known places to visit near Nainital
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver
- Essential tips for effortlessly renewing your bike insurance policy in 2024
- Indian Railways to break record with 9,111 trips to meet travel demand this summer, nearly 3,000 more than in 2023
- India's exports to China, UAE, Russia, Singapore rose in 2023-24