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Ratan Tata back as Tata Sons Chairman, Cyrus Mistry replaced

BI India BureauOct 24, 2016, 18:01 IST

Tata Sons board replaced Cyrus Mistry as chairman and Ratan Tata will take over as an interim chairman for four months.

A selection committee has been formed to appoint the new chairman. The committee comprises Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons.

The committee has been mandated to complete the selection process in four months. As per the sources, the principle shareholders recommended change of leadership and removal of Mistry as the chairman. It is said the leadership has been changed for long term gains.

No change in the CEOs of the operating companies. The board is yet to decide on the fate of Group Executive Council.

Mistry was named Chairman of Tata Sons in 2012.