Cyrus Pallonji Mistry, 43, will head the $ 83.3 billion Tata empire when Ratan Naval Tata retires in December 2012. Mistry is the youngest son of construction baron Pallonji Mistry, the largest individual shareholder with around 18 per cent stake in Tata Sons, the holding of various Tata group companies.
Mistry, MD of the Shapoorji Pallonji Group, has been a director of Tata Sons since August 2006. He was on the selection committee to find a successor to Ratan Tata.
Mistry was appointed deputy chairman by the board of directors of Tata Sons at its meeting on Wednesday. “He will work with Ratan Tata over the next year and take over from him when Tata retires in December 2012. This is as per the unanimous recommendation of the selection committee,” Tata Sons said.
Chairman Ratan Tata said, “The appointment of Cyrus Mistry as deputy chairman of Tata Sons is a good and far-sighted choice... I have been impressed with the quality and calibre of his participation, his astute observations and his humility.”
Cyrus, a civil engineering graduate from Imperial College, London, has a Master of Science in management from London Business School.