In a major shakeup, Tata Sons has removed Cyrus Mistry from the post of Chairman. The decision was taken at athe board meeting held in Mumbai on Monday.
Ratan Tata will be the interim Chairman, the board announced in a statement. A search committee has been set up to find a successor.
‘The Committee comprises Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons,’ the statement said, adding that the committee has been given four months to complete the process.
CEOs at the operating company level have not been touched in the rejig.