Tata Sons, the holding company of the over $100-billion salt-to-software Tata Group, on Tuesday said Cyrus P Mistry has been appointed its chairman with effect from December 28 following the retirement of Ratan N Tata. “The board of directors of Tata Sons on Tuesday announced the appointment of Mistry as the chairman of the board after Tata retires on December 28,” Tata Sons said in a statement.
Tata, who will turn 75 on December 28, has also been conferred the honorary title of chairman emeritus by the Tata Sons board, the statement added.
Forty-three year old Mistry, son of reclusive billionaire Pallonji Shapoorji Mistry, has been a director of Tata Sons since 2006 and was appointed deputy chairman in November last year.
Pallonji, along with his sons Shapoor Mistry and Cyrus, controls an 18.5% stake in Tata Sons, making the Mistrys the conglomerate’s largest individual shareholders in India’s most diversified business conglomerate. Mistry has been a director of Tata Sons since 2006 and was appointed deputy chairman in November last year.
Earlier this month, Tata Motors had appointed Mistry as its chairman with effect from December 28 after Tata’s retirement.