After a shock ouster of Cyrus Mistry, the board of Tata Sons replaced him with Ratan Tata as the Chairman of the Tata Group on Monday.
In a bid to calm nerves after he took over, Ratan Tata wrote a letter to the group’s employees saying that they will be appointing a new chairman and he is taking over in the interim.
He said that he had agreed to do so “in the interest of stability of and reassurance to the Tata Group.
Here’s the full text of his letter :
Dear Colleagues,
The Board of Directors of Tata Sons has, in its meeting today, replaced Mr. Cyrus Mistry as Chairman with immediate effect.
A new management structure is being put in place and a Selection Committee has been constituted to identify the next chairman of Tata Sons. The committee has been mandated to complete the process in four months. In the interim, the Board has requested me to perform the role of Chairman and I have agreed to do so in the interest of stability of and reassurance to the Tata Group.
With regards,
Rata N. Tata
Interim Chairman