Indian business giant Tata Sons removes chairman Mistry
NEW DELHI: The board of directors of Tata Sons on Monday removed Cyrus P. Mistry as chairman, four years after he took the reins of India's largest conglomerate.
The board named former group chief Ratan Tata as interim chairman and set up a panel to choose a new chairman.
Tata Sons owns the Jaguar and Land Rover brands, as well as Tetley Tea. It is one of India's oldest industrial houses and comprises over 100 companies, including Tata Steel, Tata Motors, Tata Power and the IT giant, Tata Consultancy Services.
"The committee has been mandated to complete the selection process in four months," the company said in a statement.
Mistry, 48, is the youngest son of Pallonji Mistry, whose family is the largest individual shareholder in Tata Sons with an 18 percent stake. He previously was managing director of the Shapoorji Pallonji Group, which has interests in construction, real estate, infrastructure and textiles.
Growth in Tata Sons, India's largest business group, has slowed in recent years, with turnover falling to $103 billion last fiscal year from $108 billion the previous year.