Mumbai : Cyrus Mistry will be the new chairman of the Tata Group, succeeding incumbent Ratan Tata who retires next year, Tatas announced Wednesday. Cyrus is the younger son of construction tycoon Pallonji Mistry and belongs to a family which is one of the largest shareholder in the Tata Group.
The 43-year-old Pallonji scion was appointed deputy chairman of the board of directors of Tata Sons at its meeting Wednesday. He will work in this position for a year till Ratan Tata lays down the chairman’s office in December 2012.
“He will work with Ratan N. Tata over the next year and take over from him when Mr Tata retires in December 2012. This is as per the unanimous recommendation of the selection committee,” said the group in its statement.
Cyrus was the youngest member when in August 2006 he was appointed to the board of Tata Sons, the holding company of the group. He succeeded his father Pallonji Mistry, who retired after a year’s extension at age 76.