Tata Group has finally named the successor of Ratan Tata. Cyrus Mistry has been named the Deputy Chairman of Tata Sons. He would take over from Ratan Tata when he retires at the end of next year.
Cyrus Mistry is the son of Pallonji Mistry who happens to be the largest individual stockholder in the Tata Sons.
Ratan Tata said that he would be working closely with Mistry over the next 13 months to ensure that the transition is smooth for the company.
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. He 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.