Ratan Tata's successor: Cyrus P Mistry to takeover from Dec. 2012
Tata Sons has appointed the Managing Director of Shapoorji Pallonji & Co. Ltd. (SPCL), Cyrus P Mistry, as the Dy. Chairman of Tata Sons and he is to takeover as the new Chairman from December 2012.
SPCL has around 16.5% shareholding in Tata Sons and Cyrus is the younger son of Pallonji Mistry, an Irish-Parsi construction tycoon. Mr. Mistry has been in the management board in Tata Sons since August 2006.
Before assuming office, Cyrus will work with Mr. Ratan Tata for one year; Ratan Tata, as per norms of Tata Sons, will retire at the age of 75 years next year. Some anticipated that Noel Tata maybe nominated as the successor but it has turned out to be untrue.
The 46-years old Cyrus Pallonji Mistry will be the youngest director of Tata Sons till date. Born on July 4th in 1968, Mr. Mistry graduated from the Imperial College, London with a BE in civil engineering and holds a masters degree in management from the London Business School, side by side he is a fellow of the Institution of Civil Engineers.