Ratan steps down as Tata Global chief
20 November 2012
press trust of india
MUMBAI, 20 NOV: Tata group chief Ratan Tata today stepped down as chairman of Tata Global Beverages with immediate effect, making way for Cyrus Mistry, who has also been inducted into the board of Indian Hotels Company.
In two separate filings to the BSE, the two firms said the respective meetings of the board of directors decided the changes as per Mr Tata's retirement plans in December 2012.
“Effective 20 November 2012, Mr Ratan N Tata has stepped down as chairman of Tata Global Beverages and Mr Cyrus P Mistry has been appointed chairman,” the company said.
Mr Tata, however, will continue as one of the directors on the board of Tata Global Beverages till his retirement in December 2012, it added.
Mr Mistry was inducted on the board of Tata Global Beverages in June 2012. In a separate filing, Indian Hotels Company said: “Mr Mistry has been appointed as an additional director, designated as the non-executive chairman of the company.”
IHCL and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces. On Mr Tata's retirement in December 2012, Mr Mistry will take the charge of IHCL, whose “unsolicited” $1.86 billion buyout offer for luxury hotels chain Orient Express was recently rejected by the New York Stock Exchange-listed firm.