Friday, 14 December 2012

Cyrus Mistry to replace Ratan Tata on 28th Dec 2012 as Chairman of Tata Motors

Tata Motors will now be headed by Mr. Cyrus Mistry starting 28th December 2012 - the day when Mr. Ratan Tata turns 75. Be your own man, Ratan Tata has advised Cyrus Mistry, who will succeed him at the helm of the $100 billion Tata group two weeks from now.

The Tata patriarch has told Mistry, 31 years younger, "you should be your own person, you should take your own call and you should decide what you want to"

Tata spoke about his 50 years with the group, 21 as its chairman, the highs and lows of his tenure, his equation with Mistry and his post-retirement plans during an expansive interview.

Asked if his counsel would be available to his successor, Tata replied, "Yes, certainly. He knows where to reach me and, we in fact, would talk business and stay in touch after I leave."  He then disclosed that the two of them would have lunch every couple of weeks "over something and we will talk about whatever he wants to talk about".

Auto News Release
Cyrus P. Mistry to be appointed Chairman of Tata Motors
The Board of Directors of Tata Motors today announced the appointment of Mr. Cyrus P. Mistry as the Chairman of the Board with effect from December 28, 2012, on the retirement of Mr. Ratan N. Tata. The Board conferred on Mr. Tata the honorary title of Chairman Emeritus.
Mr. Ratan N. Tata (Chairman)
Mr. Tata holds a B.Sc. (Architecture) degree with structural engineering from Cornell University, USA and has completed the Advanced Management Program at Harvard Business School, USA. He joined the Tata Group in 1962. As Chairman of Tata Industries Limited since 1981, he was responsible for transforming the Company into a Group strategy think-tank and a promoter of new ventures in high technology businesses. In 1991, Mr Tata was appointed Chairman of Tata Sons Limited, the holding company of the Tata Entities and currently holds the chairmanships of major Tata companies. During his tenure, the Group's revenues have grown over ten-fold to annualised Group revenues of $62.5 billion. Mr. Tata is on the Central Board of the Reserve Bank of India, a Member of the Prime Minister's Council on Trade and Industry besides being a member of various global councils. He is also the chairman of two of the largest private sector promoted philanthropic trusts in India. Mr. Tata is associated with various organisations in India and abroad.
The Government of India honored Mr. Tata with its second highest civilian award, the Padma Vibhushan, in 2008. Earlier, in 2000, he had been awarded the Padma Bhushan. He has also been conferred an honorary doctorate in business administration by the Ohio State University, an honorary doctorate in technology by the Asian Institute of Technology, Bangkok, an honorary doctorate in science by the University of Warwick, and an honorary fellowship by the London School of Economics. Mr. Tata has been on the Company's Board since over 19 years including 13 years in an executive capacity and is actively involved with product development and other business strategies pursued by the Company. One of his achievements include designing and developing an indigenous Indian car - "Indica" which besides creating a record of sorts, is one of the leading products in its category in the car market.
Mr. Cyrus P. Mistry (Deputy Chairman)
Mr Mistry is a graduate of Civil Engineering from Imperial College, UK and has an MSc in Management from the London Business School. He joined the Board of Shapoorji Pallonji & Company Limited as Director in 1991 and was appointed the Managing Director, Shapoorji Pallonji Group, in 1994. He joined the Board of Tata Sons Limited in 2006 and was appointed as Deputy Chairman in November 2011. He is also a Director of Tata Industries Limited, Tata Steel Limited, Tata Power Company Limited, Tata Teleservices Limited and Tata Consultancy Services Limited.
He was appointed as a Director of the Company w.e.f. May 29, 2012 and as Deputy Chairman of the Company w.e.f. November 7, 2012. Mr Mistry is the Chairman designate and will take over as Chairman from Mr Ratan N Tata on his retirement in December 2012.


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