The process to appoint Cyrus Mistry as the next head of the Tata group has started. Tata Power has become the first company in the Tata group to appoint Mistry as the Chairman of the company effective Thursday. Mistry, 44, is set to take over from Ratan Tata, 74, as the Chairman of the group from next month when Tata retires from the group as he turns 75.
In a statement, Tata Power said Tata has stepped down as the Chairman of Tata Power but will continue to remain on board till his retirement next month. Mistry was inducted on the board of Tata Power in December last year after a search committee appointed Mistry as Tata’s successor.
Interestingly, Mistry served on the board of Tata Power earlier for 10 years between 1996 and 2006.
Tata Motors had appointed Mistry as the deputy chairman of Tata Motors yesterday. He will take over as the chairman of Tata Motors from next month. A Tata Motors statement said Mistry will also be appointed on the board of Jaguar Land Rover while Tata Motors Vice Chairman Ravi Kant has stepped down as a director of JLR.
In a late evening statement, Tata Consultancy Services announced that Mistry has been appointed as the Deputy Chairman of the company with immediate effect and as Chairman-designate to take over as Chairman from Tata on his retirement next month.