The Tata Sons board, yesterday selected Cyrus P Mistry as a successor to its iconic chairman Ratan Tata (73). The board unanimously took a decision on the basis of the recommendation made by the selection committee set up to find a successor for Ratan Tata.
The 43-year-old Mistry, son of Pallonji Mistry, will take over the reins when Tata retires in December, 2012.
After the announcement, Mistry in a statement said,
“I take this responsibility very seriously and in keeping with the values and ethics of the Tata group I will undertake to legally disassociate myself from the management of my family businesses to avoid any issue of conflict of interest.”
Mr. Mistry is the youngest son of construction tycoon Pallonji Mistry, who also owns a significant stake in the group.
Mr. Mistry, who has been on the board of Tata Sons since 2006 and previously served as director of Tata Power and Tata Elxsi, a software unit, is currently managing director of Shapoorji Pallonji.
Shapoorji Pallonji Group’s recent foray into agriculture and bio fuels, with the leasing of 50,000 hectares in Ethiopia, was overseen by Mr Mistry.