Tata Sons today removed Cyrus P. Mistry as its chairman and appointed Ratan N. Tata as the interim chairman of the company.
According to the company statement, the decision was taken during the board meeting in Mumbai today.
The board also set a selection committee to select the next chairman of the conglomerate.
The committee is expected to complete the selection of the next chairman within four months and until then Ratan Tata will be the interim chairman of the Tata Sons, the holding company of the Tata group.
“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.
However, the company did not cite any reason behind the move.
Mistry, 48, born in Ireland, was the first chairman of Tata Sons who was outside the immediate Tata family. He replaced Ratan Tata four years ago on December 29, 2012.