Ratan Tata names successor after year-long search
New Delhi: Ending a year-long search, Cyrus P Mistry, Managing Director of construction major Shapoorji Pallonji Group, was on Wednesday named successor to Ratan Tata at the helm of over USD 80-billion conglomerate, Tata Group.
A non-Tata family person, 43-year-old Mistry will take over from Tata, who retires as the Chairman of Tata Sons next December when he turns 75.
This is the first time that a person outside the Tata family will head the salt-to-software conglomerate.
“The Board of Directors of Tata Sons at its meeting today appointed Cyrus P Mistry as the Deputy Chairman. He will work with Ratan N Tata over the next year and take over from him when Tata retires in December 2012,” Tata Sons said in a statement.
Mistry is the son of Pallonji Mistry, Chairman of the Shapoorji Pallonji Group that holds 18 per cent stake in Tata Sons.
Interestingly, Mistry was also part of the five-member search panel appointed last year to find Tata’s successor.
Tata Sons, however, said Mistry’s appointment is as per the unanimous recommendation of the selection committee.
Various candidates, including Tata’s half-brother and son-in-law of Pallonji Mistry, Noel Tata and PepsiCo Chairperson Indra Nooyi were speculated as possible successor to Tata.
Commenting on the appointment, Ratan Tata, Chairman of Tata Sons, said: “The appointment of Cyrus P Mistry as Deputy Chairman of Tata Sons is a good and far-sighted choice. (PTI)