The Board of Directors of Tata Sons at its meeting today appointed Mr. Cyrus P. Mistry as Deputy Chairman. He will work with Mr. 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. Ratan N. 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 caliber 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. Cyrus P. 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.
About the Tata Group
The Tata Group comprises over 100 operating companies in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries. The total revenue of Tata companies, taken together, was $83.3 billion (around Rs379,675 crores) in 2010-11, with 58 per cent of this coming from business outside India. Tata companies employ over 425,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. Every Tata company or enterprise operates independently. Each of these companies has its own board of directors and shareholders, to whom it is answerable. There are 31 publicly listed Tata enterprises and they have a combined market capitalisation of about $77.44 billion (as on November 17, 2011), and a shareholder base of 4.3 million. The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages, Indian Hotels, Tata Communications, Tata Teleservices and Titan.