Tata Sons has named Cyrus Mistry as its next CEO, as current CEO Ratan Tata prepares to retire. The unmarried, childless Tata named Mistry as CEO of the holding company responsible for Tata’s numerous divisions, among them their automotive sector which owns Jaguar and Land Rover, along with the namesake Tata Motors brand.
“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,” said Tata, in a statement.
Mistry’s father is Tata’s largest individual shareholder, with an 18 percent stake in the Indian conglomerate. He is currently head of another Indian corporation, the Shapoorji Pallonji group, and will assume full responsibilities in December, 2012 when Tata steps down.
[Source: Automotive News]