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Ratan Tata is to step down as Chairman of Tata Sons, the holding company of the Tata Group, after heading the group for more than 21 year. Cyrus P. Mistry is to take over as Chairman after Ratan Tata retires on December 28. The board of directors announced the appointment and conferred on Ratan Tata the honorary title of Chairman Emeritus.
Tata Sons is the promoter company of the Tata group. Established as a trading company by Jamsetji Tata in 1868, it is the custodian of the Tata companies that followed. About 66 per cent of the equity capital of Tata Sons is held by philanthropic trusts endowed by the members of the Tata family. The largest of these trusts are Sir Dorabji Tata Trust and Sir Ratan Tata Trust, which were created by the families of the sons of Jamsetji Tata, the founder.
The new Chairman, Cyrus Pallonji Mistry, has been serving on the board of Tata Sons since 2006. Last November, he was appointed as a successor to Ratan Tata. Mistry, 44, is the younger son of construction magnate Pallonji Shapoorji Mistry, who holds an 18.5 per cent stake in Tata Sons, making him the single largest shareholder. Tata Sons is a promoter of key companies and holds the bulk of shareholding in companies such as Tata Industries, Tata Steel, Tata Power, Tata Teleservices, Tata Consultancy Services, Tata Motors, Tata Global Beverages and Indian Hotels.
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