Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Tata Steel Names Cyrus Mistry To Succeed Ratan Tata As Chairman

Indian steel giant Tata Steel Ltd. (TTST.L), announced Friday the appointment of Deputy Chairman Cyrus Mistry as the chairman of the board, effective December 28. He joined the board of Tata Steel as an additional director in May. Mistry will succeed Ratan Tata, who is retiring from the Board.

The company also announced that Ratan Tata has been conferred the honorary title of Chairman Emeritus. He has had a five decade long tenure with the group and took over as chairman in 1991.

However, Ratan Tata will remain chairman of the various Tata trusts, which hold 66 percent shares of Tata Sons.

The Tata patriarch reportedly told Mistry, "you should be your own person, you should take your own call and you should decide what you want to."

Mistry will be the sixth chairman of the Tata group and the second non-Tata family member after Sir Nowroji Saklatvala, to be named chairman.

Mistry joined the board of Shapoorji Pallonji and Co. as a director in 1991 and is currently the managing director of the Shapoorji Pallonji Group since 1994. He is the youngest son of Indian-born Irish construction magnate Pallonji Mistry, who incidentally is the largest shareholder of Tata Sons.

Since November 7, Mistry has also been named chairman of other group companies such as Tata Motors, Tata Power, Tata Chemicals, Tata Global Beverages, and Indian Hotels, all effective December 28, 2012. Meanwhile, Ratan Tata has been conferred the honorary title of Chairman Emeritus at all these companies.

The $100 billion Tata Group announced late November the appointment of India-born Irish national Mistry as deputy chairman and chairman-designate of Tata Group and its holding company Tata Sons. This will make him the first non-Indian national to head the 144-year-old diversified salt-to-software Indian conglomerate.

Mistry, currently deputy chairman of the conglomerate that spans automobiles, IT, hotels, tea and steel across 80 countries, has been working closely with Ratan Tata to prepare for the transition.

Mistry has been a director of Tata Sons since 2006 and was appointed deputy chairman in November 2011. Earlier this month, he was appointed the deputy chairman of Tata Steel and Tata Chemicals. Tata Motors and Tata Consultancy Services had also inducted Mistry as deputy chairman.

Register
To receive FREE breaking news email alerts for Tata Steel Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The U.K. economy grew at a slower pace in the third quarter in the face of rising uncertainty stemming from global economic conditions, preliminary estimates from the Office for National Statistics Office showed Friday. Gross domestic product climbed 0.7 percent from the second quarter, when it grew 0.9 percent. German consumer climate is set to improve slightly in November, ending the downward trend, as income expectations among households strengthened on the back of the strong labor market situation, survey data revealed Friday.The forward-looking consumer confidence index rose slightly to 8.5 in November from 8.4 in October. Software giant Microsoft Corp. said Thursday after the markets closed that its first quarter profit fell 13% from last year, hurt mainly by integration and restructuring costs even as revenue surged 25% thanks to strong sales of its gadgets and cloud-based products. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.