Ratan Tata bids adieu, Cyrus Mistry takes over
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Ratan Tata, an iconic corporate leader, retired as Chairman of Tata Group after a 50-year run today but kept away from office on his last day at the helm of one of country's oldest business empires.
Tata, who turned 75 today, is in Pune for his birthday, sources at Bombay House, headquarters of the salt-to-software conglomerate, said, adding there was no clarity on whether he would visit his office later in the day.
Chairman-designate Cyrus Mistry, who made a visit to Bombay House today, will tomorrow take charge of the new assignment, sources in Tata Sons said.
Mistry was groomed for the assignment by Tata for a year. The group had earlier announced that he has been appointed chairman with effect from tomorrow. Mistry chose the group company Tata Motors entry-level sedan Indigo Manza to travel to work on the important day, marking an end to an era.
The narrow lane leading to Bombay House, one of the oldest buildings in the heritage Fort area of south Mumbai, has heavy media presence since this morning in anticipation of Tata visiting Bombay House.
Ratan Tata, who helmed the group for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991, is credited with transforming the group through bold decisions including large global acquisitions, even as some of its peers struggled to stay relevant post economic liberalisation.
Mistry, who has been with the group since 2006 in various capacities hails from the Shapoorji Pallonji family, the largest private share holder of the group's holding company Tata Sons.
Born on July 4, 1968, Cyrus Mistry completed his graduation in Civil Engineering from London's Imperial College of Science, Technology and Medicine and followed it up with a masters in Management from the London Business School.