There was no event to mark the occasion, no speeches and the icon himself was not there at Bombay House to see the transition, as Ratan Tata Friday retired as chairman of the $100-billion Tata Group, which he had joined 50 years ago.
Cyrus Pallonji Mistry, 44, who was unanimously named Tata’s successor a year ago by the board of Tata Sons, the holding company, will take over the reins on Saturday as the 6th chairman of the group. The group was established in 1868 by Jamsetji Nusserwanji Tata.
Ratan Tata, who turned 75 on Friday, will be the group’s chairman emeritus.
“He (Mistry) has been on the board of Tata Sons since August 2006 and I have been impressed with the quality and calibre of his participation, his astute observations and his humility,” Tata had said of his successor, calling him intelligent and qualified.
At Tata Group headquarters Bombay House, scores of journalists, photographers and TV crew waited for Ratan Tata to arrive but were told that he was not in station.The Tata Group today has 100 companies in its fold with a turnover of $100.09 billion – close to 60 percent of which comes from overseas – having operations in 80 countries and employing 450,000 people. Mistry, who holds M.Sc. in management from London Business School, will be the sixth chairman of Tata Group in its 144–year history.IANS