Ratan Tata retires, Cyrus Mistry to take Charge as Chairman
TNI Bureau: Business tycoon Ratan Tata retired as chairman today ending 50-year run in one of India’s oldest business empires Tata Group. Cyrus Mistry (44), who had been chosen as his successor last year, will take the charge of the new assignment on Saturday.
Ratan Tata, who is known for marking a generational change, quit his post on his birthday. Today he turned 75. He had led the Tata Group to the highest peak during his tenure despite ups and downs on his way. He was the chairman of the group for 21 years succeeding his uncle JRD Tata in 1991.
When Ratan Tata had taken the charge as Chairman, the company had a revenue of about Rs 14,000 crore. But with the deliberate efforts and dedication towards work, now the group’s revenue is over Rs 4, 75,000 crore. He takes the credit for transforming the group through tough decisions.
Ratan Tata was born as Ratan Naval Tata in December 1937. He was adopted as great-grand son of Tata Group founder Jamshedji Tata. Marking an end to an era, he will hand over the charges to Cyrus, who is associated with the group since 2006. He hails from the Shapoorji Pallonji family that owns 18% stake in Tata Sons. He was chosen by a 5-member panel last year to succeed Ratan Tata.