Focus on mkt leadership, investor returns: Tata to group CEOs

TIL Desk/Business/Mumbai-A day after Tata Group abruptly ousted Cyrus Mistry as chairman, interim head Ratan Tata on Tuesday asked CEOs of group firms to focus on their business and enhancing returns to shareholders without being distracted by change in top leadership.

After attending Monday’s eventful board meeting of Tata Sons – the holding company of Tata group – where Mistry was voted out, the Tata family patriarch met chief executives of group companies to talk about ongoing initiatives. “We will evaluate and continue to undertake those (steps) that are required to. If there is any change, they will be discussed with you,” Tata, 78, told the top executives of the USD 100 billion conglomerate.

Sources said he did not discuss the reasons that led to the sudden removal of Mistry. Tata, who was at the helm of the group for 21 years before passing on the baton to Mistry in December 2012, said he has assumed the role of the Interim Chairman for stability and continuity so that there is no vacuum. “This will be for a short time. A new permanent leadership will be in place,” he added.