New Delhi: Tata Steel on Friday removed Cyrus Mistry as the chairman of the organisation. Independent Director O P Bhat has been appointed in his place.
In a sudden decision last month, Cyrus Mistry was sacked as the chairman of Tata Sons and replaced by Ratan Tata as the interim chairman. Justifying Mistry’s ouster from the salt-to-software conglomerate, blamed Mistry’s abrupt exit on what it called breach of trust and poor performance. They also accused him of eroding shareholder value.
In a statement to the media, Tata Sons has earlier said Mistry tried to reduce the role of Tata Sons, controlled by a series of charitable trusts. Mistry, on his part, argued that he tried to create internal barriers for better governance.