Cyrus Mistry Take Over Ratan Tata in Dec 2012.

The board of directors of Tata Sons at its meeting on Wednesday appointed Cyrus P Mistry as Deputy Chairman. He will work with Ratan N Tata over the next year and take over from him when Tata retires in December 2012. At 38, he will be one of the youngest directors of the 138-year-old company.

The decision was made as per the unanimous recommendation of the selection committee. Endorsing the appointment, Tata, Chairman of Tata Sons, said: “The appointment of Cyrus P Mistry as Deputy Chairman of Tata Sons is a good and far-sighted choice.

He has been on the board of Tata Sons since August 2006 and I have been impressed with the quality and calibre of his participation, his astute observations and his humility. He is intelligent and qualified to take on the responsibility being offered and 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.”

Mistry's statement

Soon after his reaction, Cyrus P Mistry thanked the selection committee and the Board and said: “I feel deeply honoured by this appointment. I am aware that an enormous responsibility, with a great legacy, has been entrusted to me. I look forward to Mr Tata’s guidance in the year ahead in meeting the expectations of the Group.

 I take this responsibility very seriously and in keeping with the values and ethics of the Tata Group I will undertake to legally dissociate myself from the management of my family businesses to avoid any issue of conflict of interest”

 Who is Cyrus Mistry

Cyrus Mistry is the younger son of construction tycoon Pallonji Mistry and is currently the Managing Director of Shapoorji Pallonji & Company Limited. At 38, he will be one of the youngest directors of the 138-year-old company, set up as a trading firm in 1868.

Mistry is a Graduate in Civil Engineering from the Imperial College of Science, Technology and Medicine, London and a Master of Science in Management from the London Business School.
He joined the Shapoorji Pallonji Group in 1991 as a Director. In 2000 when the Shapoorji Pallonji Group acquired AFCONS, he became a Director and in 2003 its Chairman. He has been able to metamorphosis the construction business in the Shapoorji Pallonji group to scale new heights year on year.  Mistry was appointed to the board of Tata Sons Ltd. in 2006. He holds non-Executive position on Boards of several companies.