Ratan Tata reached out to the employees of the Tata Group companies in a bid to calm nerves after the abrupt decision to replace Cyrus Mistry as chairman.
In his letter to employees, a copy of which is with BloombergQuint, Tata said that he took up the role of the interim chairman in the interest of the stability of the group.
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 the chairman and I have agreed to do so in the interest of stability of and reassurance to the Tata Group.
A five-member search committee consisting of Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya has been given the task of finding a new chairman in the next four months.
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Tata Sons Replaces Mistry With Ratan Tata In ‘Bizarre' And ‘Shocking' Move
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