Bhubaneswar: In a significant development Cyrus Mistry has been axed from Chairman Post of Tata Sons, a company statement said on Monday.
He will be replaced by Ratan Tata for the next four months as the interim company chief.
Although no reasons were cited for the change in leadership all of a sudden but it could be assumed that Mistry’ recent toughened stance on taking strong actions for right reasons as opposed to his predecessor Ratan Tata’s talismanic and all acquiring stance to raise the conglomerate with a mere 10,000 crore turnover in 1991 to a massive 475,721 crore in 2011-12.
Especially trying to get rid of nonprofit businesses and his over ambitiousness might have cost Mistry the all important post, market analysts said.
Mistry, 48, an MBA from London Business School was assigned to this most highly anticipated post owing to his representation from Shapoorji and Pallonji the second biggest holder company of the Tata Sons conglomerate following Ratan Tata’s retirement at 75 during 2011.
Meanwhile, a five member search committee has been handed over the responsibility for findoing th appropriate replacement within next four months.