New Delhi: The $100-billion Tata Group chairman Ratan Tata today sought the support of group's shareholders to his successor Cyrus P Mistry, who will take over the mantle of the salt-to-software giant in December.
Cyrus Mistry has all the qualities and values to take the Tata Group in the direction that it has continued in all these years, Tata told the annual general meeting of its flagship company Tata Motors here today.
Seeking the support and encouragement of the shareholders for Mistry, Tata said, I want you to extend the same sort of support and encouragement that you have given to me all these years, to Mistry as well.
Mumbai: Be your own man, Ratan Tata has advised Cyrus Mistry, who will succeed him at the helm of the $100 billion Tata group two weeks from now.
I don't think it is right to have a ghost to shadow over somebody, says Tata, dismissing any notion that his larger-than-life persona would linger even after he retires on December 28 when he turns 75.
The Tata patriarch has told Mistry, 31 years younger, you should be your own person, you should take your own call and you should decide what you want to.
Tata spoke about his 50 years with the group, 21 as its chairman, the highs and lows of his tenure, his equation with Mistry and his post-retirement plans during an expansive interview to PTI in his office at Bombay House, the group headquarters.
Mistry, currently Vice Chairman of the conglomerate that spans automobiles, IT, hotels, tea and steel across 80 countries, has been working closely with Tata to prepare for the transition.
There is no success mantra
Have you passed on a success mantra to Mistry?, the outgoing chairman was asked.
No, I told him the same things that I told myself when JRD (late J R D Tata) handed over the mantle to me. The first reaction of anybody is to be Mr J R D Tata because you are filling his shoes. I instantly told myself, 'I can never do that'. I will never be him much as I try to imitate him. So I took a decision to be myself and to do what I thought was the right thing. I told Cyrus the same thing, he said.
Tata Sons, the promoter of major operating companies of the salt-to-software conglomerate, on Tuesday announced appointment of Cyrus P Mistry as its Chairman with effect from December 28 following retirement of Ratan N Tata.
The Board of Directors of Tata Sons today announced the appointment of Cyrus P Mistry as the Chairman of the Board after Ratan N Tata retires on December 28, 2012, Tata Sons said in a statement.
The Board has decided to confer on Tata the honorary title of Chairman Emeritus, it added. Mistry has been a director of Tata Sons since 2006 and was appointed Deputy Chairman in November last year.
The Economist has done something the Indian media may not have done as yet. An article in the magazine has taken a detailed look at the duds, indedted businesses of the Tata group.
The article comes ahead of Ratan Tata's retirement and Cyrus Mistry's elevation as group Chairman in December.
According to the article, overall performance of Tata Sons, the group's holding company with 182 subsidiaries, is murky as it need not publish accounts on a consolidated basis since it is unlisted.
The article has taken into consideration results ofthe 14 biggest operating companies (excluding Tata's financial operations) which appear to account for about 95% of the group's sales. According to the article, the sums are a guide, as it involved some guesswork.
It is in effect taking a look at what is in store for Mistry once he takes over as chairman.
Mumbai: Cyrus Mistry, the new chairman of the Tata Group, will formally take charge of his office on Monday, company sources said today.
Mistry, who was appointed chairman to succeed Ratan Tata, is the sixth chairman of the Tata empire. The Group was founded as a private trading firm in 1868 by entrepreneur and philanthropist Jamsetji Nusserwanji Tata.
Gandhinagar: New Tata Group Chairman Cyrus Mistry today lauded the Gujarat government and Chief Minister Narendra Modi saying they have created an enabling business environment and a culture of implementation.
As Mistry's name was announced for delivering his maiden public address since taking over the helm of the salt to software conglomerate at the valedictory session of the sixth 'Vibrant Gujarat' summit here, a thunderous applaud resounded at the packed Mahatma Mandir auditorium.
