India’s Tata Sons dumps Cyrus Mistry as chairman
What you need to know:
- The decision comes as the steel arm of the sprawling $100 billion conglomerate struggles to offload its loss-making British assets while its carmaking business continues to be plagued by weak sales.
Mumbai. India’s Tata Sons dumped Cyrus Mistry as its chairman in a surprise announcement yuesterday, almost four years after his appointment as the first chief of the conglomerate from outside the Tata family.
The decision comes as the steel arm of the sprawling $100 billion conglomerate struggles to offload its loss-making British assets while its carmaking business continues to be plagued by weak sales.
“Tata Sons today announced that its Board has replaced Mr. Cyrus P. Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today,” the company said in a statement. (AFP)
