Ratan Tata

Cyrus Mistry board member of Tata Sons will succeed Ratan Tata next year.The board of Tata Sons appointed Mistry aged 43, as deputy chairman on Wednesday.The board unanimously took a decision on the basis of the recommendation made by the selection committee set up to find a successor for Ratan Tata.The committee is said to have met 18 times before announcing the succession plan.

Mistry was part of the selection committee.He withdrew himself when his name was suggested.He then entered the process as a candidate.He will work with Ratan Tata over the next year and take over from him when Tata retires in December 2012 a release said.Ratan Tata praised the choice of selection committee and said that Mistry was intelligent and qualified to take on the responsibility being offered.

I will be committed to working with him over the next year to give him the exposure the involvement and the operating experience to equip him to undertake the full responsibility of the Group on my retirement Tata said.Mistry said he was deeply honoured by this appointment.I am aware that an enormous responsibility with a great legacy has been entrusted to me he said in a statement.

He announced that he will legally dissociate himself from the management of his family businesses to avoid any issue of conflict of interest.Shapoorji Pallonji Mistry, father of the new deputy chairman of Tata Sons, owns 18 per cent in Tata Sons.The Shapoorji Pallonji Group is into construction, textile, water treatment and other businesses.Cyrus Mistry is currently the managing director of the $ 2 bn SP Group.Born on July 4, 1968, Mistry graduated from the Imperial College London with a BE in civil engineering.He also holds a masters degree in management from the London Business School and is a fellow of the Institution of Civil Engineers.

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