Mumbai, Oct 24: After shocking removal of Cyrus P. Mistry as chairman of the salt-to-software conglomerate, Ratan Tata has written a letter to his employees informig them that he agreed to take up the role of interim Chairman in the interest of stability and reassurance to the group.
The decision to remove Mistry was taken at a board meeting in Mumbai on Monday, the company said. Ratan Tata, whom Mistry had succeeded, has been called back to be interim chairman.
In a letter, Tata, 78, said the board of directors of Tata Sons in its meeting today replaced Cyrus P Mistry as Chairman, with immediate effect.
"A new management structure is being put in place and a selection has been constituted to identify the next Chairman of Tata Sons," he said.
Tata, who became Chairman Emeritus of the group when he retired on December 29, 2012, further said: "The committee has been mandated to complete the process in four months. In the interim, the board has requested me to perform the role of Chairman and I have agree to do so in the interest of stability of and reassurance to the Tata group."
Before he hung up his boots nearly four years back, Tata had led the salt-to-software conglomerate for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991.
Here is Ratan Tata's letter to his employee
OneIndia News (With inputs from PTI)