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Back in chairman position in interest of stability: Ratan Tata to employees

Back in chairman position in interest of stability: Ratan Tata to employees

India Blooms News Service | | 24 Oct 2016, 09:56 pm
Mumbai/Kolkata, Oct 24 (IBNS): After Tata Sons on Monday announced that Ratan Tata will replace Cyrus P. Mistry as Interim Chairman of the company, the former wrote a letter to the employees stating that the decision was taken in the "interest of the stability" of the group.

Tata Sons on Monday announced that its board has replaced Cyrus P. Mistry as Chairman of Tata Sons.

The decision was taken at a Board meeting held here.

The Board has named Ratan N. Tata as Interim Chairman of Tata Sons.

"The Board has constituted a Selection Committee to choose a new Chairman. The Committee comprises Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons," read a statement issued by Tata Sons.

"The committee has been mandated to complete the selection process in four months," it read.

Following the announcement, Ratan Tata wrote a letter to his employees where he stated that :"In the interim, the Board has requested me to perform the role of the Chairman and I have agreed to do so in the interest of the stability of and reassurance to the Tata Group,"