Indian businessman Ratan Tata on Monday replaced Cyrus P. Mistry as the Tata Sons’ Chairman, taking the position of interim Chairman.
The decision was taken at a board meeting in Mumbai.
“The committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months,” the statement said.
Ratan N. Tata has been named as Interim Chairman of the company for four months and a committee has been set up in order to appoint new Chairman within four months time. However, Tata sons did not provide with any reason on its move.
Mistry, 48, born in Ireland, had taken over as Chairman of Tata Sons four years ago, in December 2012.