Ratan N. Tata has stepped down as Chairman of Tata Power and Cyrus P. Mistry has been appointed Chairman.
The change in guard is effective November 8, 2012. Mr. Tata will, however, continue on the board of Tata Power till his retirement in December 2012, Tata Power said in a statement.
Mr. Mistry was inducted on the board of Tata Power on December 23, 2011. He also served on the board of Tata Power earlier for 10 years (from 1996 to 2006). A Director of Tata Sons since 2006, he was appointed Deputy Chairman of Tata Sons in November 2011.
Mr. Tata will retire next month, and Mr. Mistry will take over as the Tata Group’s chairman.
On Wednesday, Mr. Mistry took over as Deputy Chairman of Tata Motors. After December, he will assume the position of Chairman. He had joined the Tata Motors board in May this year.