The Board of Directors at Tata Motors has recently announced that Cyrus P. Mistry has been appointed as the Chairman of the Board, and will be taking over the mantle from outgoing Chairman Ratan Tata on 28th December 2012. Ratan Tata has been conferred the honorary title of Chairman Emeritus by Tata Motors. "The Board of Directors of Tata Motors today announced the appointment of Cyrus P Mistry as the Chairman of the Board with effect from December 28, 2012, on the retirement of Ratan N Tata," as issued in a media statement by the company.
Previously, Cyrus P Mistry was appointed in the company Board as Deputy Chairman. He had been a Director for the group Tata Sons since year 2006. At 44, Cyrus is the son of construction tycoon Pallonji Shapoorji Mistry. He is the single largest shareholder, holding an 18.5 per cent stake in Tata Sons, the value of which is estimated at $8.8 billion.
