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India's Tata Sons dumps Cyrus Mistry as chairman

Published Mon, Oct 24, 2016 · 09:50 PM
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Mumbai

INDIA'S Tata Sons dumped Cyrus Mistry as its chairman in a surprise announcement Monday, almost four years after his appointment as the first chief of the conglomerate from outside the Tata family.

The decision comes as the steel arm of the sprawling US$100 billion conglomerate struggles to offload its loss-making British assets while its carmaking business continues to be plagued by weak sales.

"Tata Sons today announced that its board has replaced Mr Cyrus P Mistry as chairman of Tata S…

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