Tata Group’s chairman Cyrus Mistry has been replaced by the man he succeeded as boss in 2012, reports The Guardian.
Ratan Tata, the great grandson of Jamsetji Tata, the founder of the company, is back in charge following the departure of Mistry.
Whether Mistry ‘left under a cloud’ is debatable, but a recent article in The Economist, a UK-based newspaper, suggests that he failed to reorganize the company’s ‘sprawling empire’.
Furthermore, it was Mistry, claims The Guardian, who pushed to shed unprofitable businesses from the Group, including Tata Steel UK.
Mistry’s departure from the 148-year-old company had been described as a surprise with analysts and investors supposedly shocked by the news.
Ratan Tata had been chairman for two decades prior to Mistry’s arrival.
The future of Tata Steel UK still hangs in the balance and depends to a large extent on the outcome of talks between Tata Group and the British Government over the former’s pension scheme and negotiations with the German steelmaker ThyssenKrupp, with whom a merging of both companies’ European operations has been discussed.
Source: The Guardian