Tata Group’s holding company has replaced its chairman.
Ratan Tata has been named as interim chairman of the board of Tata Sons, replacing Cyrus Mistry, while a selection committee finds a permanent replacement.
Tata Sons owns Tata Steel, Jaguar Land Rover, as well as Tetley Tea. It is one of India’s oldest conglomerates and is made up of more than 100 companies, including Tata Motors, Tata Power and the IT giant, Tata Consultancy Services. It employs almost 7,000 workers around Wales, including more than 4,000 at its plant in Port Talbot, south Wales.
Cyrus Mistry led Tata Sons since late December 2012. He was the first chairman in nearly 80 years to come from outside the Tata family. Mr Mistry was only the sixth chairman of the group, which is nearly 150 years old and was appointed more than a year before Mr Tata retired.
Ratan Tata was the previous chairman and was in charge of the company for more than two decades until he stepped down in 2012 at the age of 75.
The members of the selection committee charged with finding the permanent replacement are Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya.
The committee will complete the selection process in four months
The Shapoorji Pallonji Group owns 18% of Tata Sons, making it the largest shareholder.