Ratan Tata to Give Way to Cyrus Mistry
Date: Wednesday , November 30, 2011
Ever since Ratan Tata announced his decision to retire, there have been wide speculations about who will fill his shoes. It is a great responsibility, something beyond most people can fathom and that might have been the reason behind the time delay in announcing the successor. Finally the board seems to have driven its way through the issue and came up with the name, Cyrus Pallonji, son of the construction magnate Pallonji Mistry. With 18.5 percent stake in the company, Mistry is the biggest individual shareholder in Tata Sons, and is known as the Phantom of Bombay House due to his serene yet assured way in exercising power.
Cyrus Mistry has served as a Director of Tata Elxsi, from September 24, 1990 to October 26, 2009 and was a Director of Tata Power until September 18, 2006. He serves as Chairman of the Board of Shapoorji Pallonji Group and Afcons Infrastructure and has been a director of Tata Sons since September 1, 2006. These positions are only a part of his long and rich portfolio. After being a Director of SP Group for two decades he has now decided to step down from that position and legally dissociate himself from the SP group in order to assume this new responsibility.
He is often credited as the man behind scaling up and diversifying SP Group and this would obviously have been the reason behind Ratan Tata favoring Cyrus as his own replacement. Cyrus Pallonji will be working along with Ratan Tata for next one year and officially take over the role of Director of Tata Sons in December 2012 after Ratan Tata’s retirement. Cyrus Pallonji will have very large shoes to fill; Ratan Tata will be putting him in charge of India’s largest business empire that is worth around $100 billion.