The announcement came after the board of Tata Sons met here and decided to replace 48-year-old Cyrus Mistry, who had taken over from Ratan Tata in 2011. Ratan tata has taken his current responsibility.
The board named a five-member search committee, which includes Tata, to choose a successor to Mistry within four months.
Cyrus Pallonji Mistry is a Irish-Indian businessman who became chairman of Tata Group, an Indian business conglomerate, on 28 December 2012. He was the sixth chairman of the group and the second not to be named Tata, after Nowroji Saklatwala. The Economist has described him as “the most important industrialist” in both India and Britain. He served as the Chairman of Tata Sons till 24 October 2016.
He is the youngest son of Indian construction magnate Pallonji Mistry.
On 24 October, 2016, the Tata Sons Board voted to remove Mistry as chairman. Ratan Tata is interim chairman, and a new chairman is to be chosen by February 2017.