Tata Sons, the holding company for JLR parent company, Tata Motors, has ousted its CEO, Cyrus Mistry. Temporarily taking the reins will be Tata family insider, and former CEO Ratan Tata.
The Indian conglomerate is conducting a four-month search to determine who will be next at the helm. Mistry, 48, was the sixth chairman in Tata’s 150-year history.
The firm controls 100 companies worldwide, including Tetley Tea and Tata Steel. No information has been forthcoming as to the reason for Mistry’s exit, though rumors abound that there were questions regarding Mistry’s stewardship of the company.
Some news outlets are reporting that Tata felt Mistry was selling off too much of he company holdings, and therefore not protecting the Tata “family jewels.” Mistry was also the first Tata CEO to not be a member of the Tata family.