Investing.com – Holding company Tata Sons announced on Monday that it has decided to replace its chairman Cyrus Mistry and bring back Ratan Tata in the interim.
Tata Sons did not explain the reason for the decision but said it was made at a board meeting on Monday in Mumbai.
The replacement was mainly due to a lack of performance according and was unanimous or nearly, according to sources cited by The Economist.
Ratan Tata previously ran the company for two decades.
The company has assigned a committee to name a permanent replacement in a selection process that will be completed in four months.