Ratan Tata Is back as Interim chairman for next 4 months
"This will be for a short time. A new permanent leadership will be in place," Ratan Tata said.
Ratan Tata to group CEOs on Tuesday 25th Oct told "The companies must focus on their market position vis- a-vis competition, and not compare themselves to their own past. The drive must be on leadership rather than to follow," Tata told the leaders.
Achievements of Mistry and Ratan Tata
Mistry, 48, who was appointed as chairman in December 2012, was only the sixth group chairman. In nearly 15 decades and the first from outside the Tata family. He will remain a director of the individual companies, though his tenure as chairman is the shortest so far at the group. Source Times of india
Under Ratan Tata's chairmanship crossing more than two decades (1991 to 2012). The Group's income increased from around $6 billion to $100 billion. Driven by his expansionist procedure that included abroad buys like tea creator Tetley in 2000 and Car Company Jaguar Land Rover in 2008.
Mistry, on the other hand, was on mounting debt by raising cash, refinancing loans and selling assets. “Tata was unhappy with the decision to shut down or sell the group’s steel business in Europe,” said a person close to Tata. “He wanted the group to turn around the loss-making business rather than sell it.” Source from Economic Times
Tata Sons has already announced that a selection committee has been constituted to choose a new Chairman, and will complete its mandate in four months.