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Cyrus Mistry: How he won the race to succeed Ratan Tata? MUMBAI: Cyrus Mistry emerged as the only consensus choice with the backing of current chairman Ratan Tata and Pallonji Mistry as Tata Groups search for a successor entered the final lap. The 82-year-old tycoon, the largest individual shareholder in Tata Sons, made a strong pitch for an insider to be the next chairman. Ratan Tata is said to have favoured Cyrus Mistry who is credited with scaling up and diversifying Shapoorji Pallonji Group, one of Indias most valuable private enterprises. Pallonji Mistry, often referred to as the Phantom of Bombay House for his low-profile involvement in the affairs of Tata Group, is believed to have spoken forcefully even as the search committee began interviewing candidates from outside the group. Several factors are said to have worked in Cyrus Mistrys favour: his age; the fact that his family holds the largest single equity block of 18.4% (outside of the Trusts) in Tata Sons; the tradition of every chairman of the group so far being a Parsi; his chemistry with Ratan Tata; his understated style; strong operational experience combined with financial acumen; and his Indian-cum-international outlook. Back |
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