The 21 year long tenure of Ratan Tata, the strongman behind the Tata Group and its global success finally comes to an end today, December 28 as his successor and apprentice Cyrus Mistry would takeover as the chairman of Tata-Sons, a promoter-company of the Tata Group. Turning 75 today, (born on 28 December 1937), Ratan Naval Tata would announce his retirement after his global success.
However he would still server as a honorary chairman emeritus for the company and the chairman of other Tata trusts.
Cyrus is the only second person outside the Tata lineage to lead the group. Earlier Nowroji Saklatwala served as a chairman while not belonging to the hierarchy too. Mistry has been serving under the veteran businessman for an year as an apprentice, while being the deputy Chairman of the company since November 2011.
After five people were shortlisted in 2010 by a five-member committee for the chairman, Mistry was the unanimous choice for the position. Mistry and his family own over 17% of shares in Tata Sons, the largest individual share for the group. Before his stint as the Deputy Chairman in the company, he was the managing director of Shapoorji Pallonji Group, India’s second largest infrastructure company.
The era of the $100 billion businessman, Ratan Tata thus comes to an end today evening. He has taken the company from Rs 10,000 cr to a turnover of Rs 4,76,000 crores approximately.