In this file photo of Ratan Tata (Left) with Cyrus Mistry. Tata Sons on Monday removed Cyrus Mistry as its Chairman, nearly 4 years after he took over the reins of the group. Tata makes a comeback, taking over as the company's interim boss for 4 months.
It took less than half an hour at a full-strength board meeting on Monday afternoon in Mumbai to replace Cyrus Mistry as the chairman of the Tata Group, it is learnt.
The meeting was attended by all 11 board members, including Nitin Nohria, the dean of Harvard Business School, and top-ranked investment strategist Farida Khambata, both of whom are based in the US and who usually attend meetings through video-conferencing. This was no ordinary meeting, where even Ratan Tata was present as chairman emeritus, as a source pointed out. The 78-year-old Tata left the meeting as interim chairman of Tata Sons.
Several resolutions were put to vote, but there were three that would eventually decide the future of the salt-to-software conglomerate. The board members voted in favour of those resolutions — replacing Mistry as chairman, inducting Tata as interim chairman, and relaxing the age criterion for the chairman’s post. But sources told Business Standard two board members abstained when the resolution on Mistry was put to vote and one abstained in the case of the other two.
The meeting was attended by all 11 board members, including Nitin Nohria, the dean of Harvard Business School, and top-ranked investment strategist Farida Khambata, both of whom are based in the US and who usually attend meetings through video-conferencing. This was no ordinary meeting, where even Ratan Tata was present as chairman emeritus, as a source pointed out. The 78-year-old Tata left the meeting as interim chairman of Tata Sons.
Several resolutions were put to vote, but there were three that would eventually decide the future of the salt-to-software conglomerate. The board members voted in favour of those resolutions — replacing Mistry as chairman, inducting Tata as interim chairman, and relaxing the age criterion for the chairman’s post. But sources told Business Standard two board members abstained when the resolution on Mistry was put to vote and one abstained in the case of the other two.
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