Ratan Tata writes to group’s employees, says back for stability. Read the full letter here
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This move came after
"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," Tata Sons stated.
Mistry, 48, took over as Tata Sons Chairman in 2012, becoming the first chief of the group from outside the Tata family.
There were no reasons given for the change of leadership of Cyrus Mistry who had been brought in with much fanfare. But it is believed that Tata Sons was unhappy with Mistry's approach of shedding non-profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows.
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Meanwhile, Ratan Tata told the group’s employees he had agreed to serve as interim Chairman in reassurance to the
Here’s the full letter:
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