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Mystry Sacked by Tata Sons

Mystry Sacked by Tata Sons
Cyrus Mistry, who had taken over the reins of Tata Sons from Ratan Tata in 2011, was removed as the chairman of Tata Sons on Monday, October 24.

The announcement, which surprised the corporate world, came after the board of meeting held in Mumbai on Monday. The 48-year-old Mistry was replaced by Ratan Tata, who will be the interim chairman for a period of four months. A five-member search committee has also been formed to choose a successor to Mistry in the stipulated four months.

No specific reason was given for sacking Mystry but it is believed that Tata Sons management was unhappy with his approach of concentrating only on the profit bringing sectors and downplaying the non-profit businesses. Mistry's approach was reportedly found by Tata Sons to be largely in contrast with the values set by the group's founding fathers.

Mistry was chosen as Ratan Tata's successor in November 2011 and he took over as the chairman of the conglomerate when Tata retired in December 2012, after turning 75. 

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