Cyrus Mistry, the sixth chairman of the 144 year-old, $100 billion Tata Group, formally took charge on Monday to a welcome atmosphere in India’s industry where he is seen as someone fit to take on the baton from his celebrated predecessor, Ratan Tata.
Ratan Tata retired last Friday, his last working day in the group holding company, Tata Sons, on turning 75. He passed on his mantle to Mistry at the end of a well-ordained transition that began a year ago when the 44-year-old was chosen by a five member-selection committee.
Ratan Tata will now be chairman emeritus of Tata Group and chairman of Tata Trust, which has interests in charity and social service.
Mistry has been associated with Tata Group since 2006 and has been serving on the board of Tata Sons. Mistry comes at the helm of Tata Group with experience gained from running his family-owned $ 2.5 billion Shapoorji Pallonji Group, which is the leading shareholder of Tata Sons.
Industry leaders are optimistic that Mistry can carry forward Ratan Tata's legacy.
"Cyrus’s selection to head the Tata Group by the most distinguished business icons stands testimony to his abilities. His biggest challenge will be to preserve the legacy of the Tata brand while keeping the growth momentum going, which Ratan Tata initiated. His real asset is the fine quality of people that Tata employs," said Harsh Goenka, chairman, RPG Group.
Adi Godrej, chairman, Godrej group, said: “I feel Cyrus will be a worthy successor and will uphold the strong tradition of growth, globalisation and values of the Tata Group.”