Cyrus P Mistry, managing director, Shapoorji Pallonji Group, has been nominated by the selection committee to take over from Ratan Tata on his retirement in December 2012.
The board of directors of Tata Sons at its meeting today appointed Mistry as deputy chairman. He will work with Ratan Tata over the next year and take over from him when Tata retires, as unanimously recommended by 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 thanked the selection committee and the board saying, 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''
Mistry, currently managing director, Shapoorji Pallonji Group, has been a director of Tata Sons since August 2006. He is a graduate of civil engineering from Imperial College, London, and has a master of science in management from the London Business School.