JAGUAR Land Rover’s parent company Tata Sons has appointed a new chairman to take over the reins from Ratan Tata.
Cyrus P Mistry, already a director with the firm, will begin as deputy chairman before taking over next December when Mr Tata retires after what will have been 21 years in the post.
The decision was taken following a unanimous recommendation of the selection committee.
The firm is family owned but Mr Tata is childless and speculation has run for years as to who his successor would be.
Mr Mistry, 43, currently managing director of construction group Shapoorji Pallonji, 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.
His father is construction entrepreneur Pallonji Mistry who owns 18% of Tata Group.
Mr Tata 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.”
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