The wait is over: Cyrus Mistry to takeover from Ratan Tata | Firstpost
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Tata Sons, the holding company of over USD 80 billion
conglomerate Tata Group, today announced that Cyrus
P Mistry, the 43-year-old Managing Director of
Shapoorji Pallonji Group, will succeed Ratan Tata when
he retires in 2012. A graduate in civil engineering from
Imperial College, London, Mistry has been a director of
Tata Sons since August 2006.
The board of directors at Tata Sons, the apex holding
company of the Tata group, met on Wednesday,
November 22, and the choice of a successor to group
chairman Ratan Tata was made last evening.
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#Cyrus Mistry
The wait is over: Cyrus Mistry
to takeover from Ratan Tata
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Last year a five-member
committee was formed to pick
the new leader for the group.
The committee made up of Videos
former Tata Sons vicechairman Noshir A Soonawala;
Tata Sons director RK Krishna
Kumar; Cyrus Mistry, younger
son of Pallonji Mistry, the
largest single shareholder in
the Tata group’s holding
company; Lord Bhattacharya,
The radical chieftain:
How Ratan Tata broke
the mould
Nov 24, 2011 0 Comments Like Confirm
Cyrus Mistry may be stepping
into a corporate giant’s shoes,
Join Chat (1)
but his job may be rendered
somewhat easier by Ratan
Tata’s unburdening of the
group’s conservatism in many aspects.
#BigStory #Cyrus Mistry #Niira Radia #Ratan Tata
#Tata Group
#BIGSTORY
http://www.firstpost.com/business/succession-cyrus-mistry-to-takeover-from-ratan-tata-when-he-retires-in-2012-138554.html[24/11/2011 16:06:02]
The wait is over: Cyrus Mistry to takeover from Ratan Tata | Firstpost
founder of UK-based Warwick
Manufacturing; and Tata group
lawyer Shirin Bharucha.
Tata top job: Others
who didn’t make it Nov 24, 2011 0 Comments While Noel Tata was touted to
have been the favourite, there
were others in contention to
take up from Ratan Tata.
Ratan Tata is expected to step down at the end of 2012, when he turns 75.
For over two years, it has been speculated that three Tata group bigwigs — Ravi Kant of
Tata Motors, S Ramadorai of Tata Consultancy Services and B. Muthuraman of Tata Steel
(all of whom have relinquished their positions as CEOs and become vice-chairmen of the
operating companies after turning 65) — are in the running for board positions at Tata
Sons.
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#Cyrus Pallonji Mistry #Indian
Hotels Co Limited #Noel Naval Tata #Pepsico Inc.
#Ratan Naval Tata #Tata Sons
#BIGSTORY
Tata Sons in a press statement released today said:
The board of directors of Tata Sons at its meeting today appointed Cyrus P Mistry as
Deputy Chairman. He will work with Ratan N Tata over the next year and take over from
him when Mr Tata retires in December 2012. This is as per the unanimous
recommendation of the selection committee.
Endorsing the appointment, Mr Tata, Chairman of Tata Sons, said: “The appointment of
Mr Cyrus P Mistry as Deputy Chairman of Tata Sons is a good and far-sighted choice.
He has been on the board of Tata Sons since August 2006 and I have been impressed with
the quality and calibre of his participation, his astute observations and his humility. He is
intelligent and qualified to take on the responsibility being offered and I will be committed
to working with him over the next year to give him the exposure, the involvement and the
operating experience to equip him to undertake the full responsibility of the group on my
retirement.”
Mr Mistry, currently managing director, Shapoorji Pallonji Group, has been a director of
Tata Sons since August 2006. He is a graduate of civil engineering from Imperial College,
London, and has a master of science in management from the London Business School.
As we wrote this, Mistry’s profile in Bloomberg Businessweek reads with the following
description:
“Mr. Mistry serves as Senior Vice President of Business Development and Technology at
DQ Entertainment (International) Limited. He serves as Chairman of the Board of
Shapoorji Pallonji Group and Afcons Infrastructure Limited. He has over 22 years of
100 cos, 7 sectors, 80
nations, 1 yr to learn:
Good luck, Mr Mistry
Nov 24, 2011 3 Comments Like Confirm
While Ratan Tata is already
convinced, he’ll have to prove
to other company officials and
outsiders that Mistry has what
it takes to make the leap from
running a construction business to a variety of
businesses.
#BigStory #Cyrus Mistry #Ratan Tata #Tata Group
#NEWSTRACKER
SBI abolishes penalty
on pre-payment of
housing loans
Nov 24, 2011 0 Comments Like Confirm
The total outstanding home
loan of SBI rose to Rs 92,383
crore at the end of September
against Rs 86,769 crore in
March 2011.
#Damodaran Committee #Home loan #SBI
http://www.firstpost.com/business/succession-cyrus-mistry-to-takeover-from-ratan-tata-when-he-retires-in-2012-138554.html[24/11/2011 16:06:02]
The wait is over: Cyrus Mistry to takeover from Ratan Tata | Firstpost
experience in the Indian entertainment industry in the fields of filmmaking and
animation, technical and production pipeline management. Mr. Mistry serves as a
Director Tata Sons Limited.”
#THEODDANGLE
Commenting on the announcement, Ratan Tata said that he was committed to working with
Mistry over the next year.
Cult of corporate
personality: Heroworshipping Ratan,
Mukesh et al
Nov 24, 2011 7 Comments Endorsing the appointment, Mr Tata, Chairman of Tata Sons, said: “The appointment of
Mr Cyrus P Mistry as Deputy Chairman of Tata Sons is a good and far-sighted choice.
He has been on the board of Tata Sons since August 2006 and I have been impressed with
the quality and calibre of his participation, his astute observations and his humility. He is
intelligent and qualified to take on the responsibility being offered and I will be committed
to working with him over the next year to give him the exposure, the involvement and the
operating experience to equip him to undertake the full responsibility of the group on my
retirement.”
Responding to the appointment Mistry said, “I feel deeply honoured by this appointment. I
am aware that an enormous responsibility, with a great legacy, has been entrusted to me. I
look forward to Mr Tata’s guidance in the year ahead in meeting the expectations of the
Group. I take this responsibility very seriously and in keeping with the values and ethics of
the Tata Group I will undertake to legally dissociate myself from the management of my
family businesses to avoid any issue of conflict of interest.”
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Corporate tycoons are the new
heroes of post-liberalisation
India, each of us eager to bask
in their reflected glory. But in
this new era, Ratan Tata is a
god of a lesser kind, less beloved than his more
nouveau riche peers.
#Cyrius Mistry #Mukesh Ambani #Ratan Tata #Tata
family #TheOddAngle
#SMARTCOMPANY
A BMW sedan for Rs 16
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Haven’t you always wanted that
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Your dreams can now come
true. Read on for more.
With inputs from Agencies
#BMW #pre-owned car
#Smartcompany
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http://www.firstpost.com/business/succession-cyrus-mistry-to-takeover-from-ratan-tata-when-he-retires-in-2012-138554.html[24/11/2011 16:06:02]