Tata Sons likely to announce new chairman today; board meeting called: Reports

While the four-month deadline to choose the new chairman ends on February 24, reports suggest that the company is very likely to announced a new chief who is a 'well-known insider' today.

New Delhi: After a little over two months of ousting Cyrus Mistry as the chairman of the company, Tata Sons are likely to announce a new chairman today for which a board meeting has been reportedly called.

According to reports, the next chief is a 'well-known insider' and is very likely to be announced today during the board meeting which has been reportedly called at 5 pm.

In a move that took the corporate world by surprise, Tata Sons on October 24, 2016 removed Cyrus Pallonji Mistry as the Chairman of the company, almost four years after he took over as the rein of the USD 100 billion salt-to-software conglomerate from Rata Tata.

According to reports, the move was taken by the Board of Tata Sons who decided to replace Mistry and appoint Ratan Tata, Emeritus Chairman, as the interim boss of the company for four months.

Following the removal of Mistry, the board had also named a five-member panel comprising of Ratan Tata, TVS Group head Venu Srinivasan, Amit Chandra of Bain Capital, former diplomat Ronen Sen and Lord Kumar Bhattacharya to look for a replacement of Cyrus Mistry within four months.

While the four-month deadline to choose the new chairman ends on February 24, reports suggest that the company is very likely to announced a new chief today.

As per latest reports, the board of Tata Sons are likely have a final meeting at 5 pm today where they might announce a new Chairman of the company.