India's 'Business King' Ratan Tata Retires
Bangalore: As Ratan Tata steps down as chairman of India's largest industrial house, he leaves behind for his successor at Bombay House, Cyrus Mistry, not just a $100-billion empire he helped grow 13-fold in the 21 years at its helm but also a legacy that earned him wide praise as an able corporate leader with values.
“Cyrus Mistry will take over from me. You have given me a tremendous feeling of reward and satisfaction. We are leaving behind healthy company for the new chairman.” said Tata at the AGM as quoted by Hindustan Times.
Cyrus Pallonji Mistry, 43, was the Director of Tata Sons and Tata Elxsi, India. His family is the single major share holder of Tata group after Tata’s retirement.
Mistry will be the sixth chairman of Tata Group in its history of 144 years and only second one who does not carry the "Tata" surname. Other people who held the position of chairman of the Tata Group, apart from Ratan Tata were Jamsetji Nusserwanji Tata, Sir Dorab Tata, Sir Nowroji Saklatwala and J.R.D. Tata.
However few economists feel that toughest challenge for Cyrus will be to safely sail the company through the economic slowdowns in many countries out of the 80 countries in which the Tata group is operating, states Business Line. But as of now Ratan Tata will be associated with Cyrus for a year to provide him with economic exposure and operation of the company.
Mistry said that he will completely disassociate himself from his family business Shapoorji Pallonji & Company to avoid any kind of conflict of interest.
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