Ratan Tata, one of most celebrated business leaders, has stepped down as the chairman of Tata Motors. Tata, India’s most internationally-recognised business leaders, will soon step down as chairman of Tata Sons, after more than 20 years heading the group.
“The Board of Directors of Tata Motors today announced the appointment of Cyrus P Mistry as the Chairman of the Board with effect from December 28, 2012, on the retirement of Ratan N Tata,” the company said in a statement. The board also conferred on Tata the honorary title of ‘Chairman Emeritus’, it added. Earlier, Mr. Mistry was inducted into the company’s board as deputy chairman.
Tata Sons is the largest conglomerate in India, with business areas spanning from tea, hotels, auto to steel and software consultancy, and a history spanning more than a century.
Cyrus Mistry, who is relatively lesser known to the media and the world, has been on the board of Tata Sons, the Tata holding company, since 2006, and was in November 2011 appointed successor to Mr. Tata, who has been chairman since 1991.
Last month, Ratan Tata had stepped down as chairman of Tata Global Beverages, making way for successor Mr. Mistry, who was inducted into the board of Indian Hotels Company. Mr. Mistry was also appointed as the deputy chairman of Tata Steel and Tata Chemicals. Tata Consultancy Services had also inducted him as deputy chairman.