Cyrus Mistry named Ratan Tata's successor

Tata Sons Chairman Ratan Tata has appointed 43-year-old Director of Tata Sons and Tata Elxsi (India) Cyrus Mistry his successor. Mistry will work with Ratan Tata over the next year and take over from him when Tata retires in December 2012. The Board of Directors of Tata Sons at its meeting on Wednesday appointed Cyrus P Mistry as Deputy Chairman. Endorsing the appointment, Ratan Tata said:  "The appointment of Cyrus P. Mistry as Deputy Chairman of Tata Sons is a good and far-sighted choice. He has been on the Board of Tata Sons since August 2006 and I have been impressed with the quality and caliber of his participation, his astute observations and his humility." Tata further said, "He (Mistry) is intelligent and qualified to take on the responsibility being offered and I will be committed to working with him over the next year to give him the exposure, the involvement and the operating experience to equip him to undertake the full responsibility of the Group on my retirement." Cyrus Mistry, currently Managing Director, Shapoorji Pallonji Group, has been a Director of Tata Sons since August 2006. He is a graduate of Civil Engineering from Imperial College, London, and has a Master of Science in Management from the London Business School. After his appointment as Deputy Chairman of Tata Sons, Mistry thanked the selection committee and the Board and said, "I feel deeply honoured by this appointment. I am aware that an enormous responsibility, with a great legacy, has been entrusted to me. I look forward to Mr Tata's guidance in the year ahead in meeting the expectations of the Group. I take this responsibility very seriously and in keeping with the values and ethics of the Tata Group I will undertake to legally dissociate myself from the management of my family businesses to avoid any issue of conflict of interest."
About Cyrus Mistry Tata: Cyrus Pallonji Mistry has been selected to succeed Ratan Naval Tata as chairman of Tata Sons. He is the younger son of Pallonji Mistry, the youngest director of Tata Sons till date.  Cyrus Mistry is the second child of Pallonji Shapoorji Mistry (born 1929) - an Irish-Parsi construction tycoon. Cyrus is married to Rohika Chagla the daughter of lawyer Iqbal Chagla. His sister, Aloo, is married to Noel Tata, the half-brother of Ratan Tata. His brother-in-law, Noel Tata, is the CEO of the retail arm of the Tata Group.