Cyrus’ removal was necessary: Ratan

cyrus-ratanThe interim chief of Tata Sons, Mr Ratan Tata said the removal of Cyrus Mistry from top post was very much necessary. He made this observation after the ousted Chairman stepped up attack.

“The decision to change the leadership of Tata Sons was a well-considered and serious one for its board members. This difficult decision, made after careful and thoughtful deliberation, is one the board believes was absolutely necessary for the future success of the Tata Group,” the interim chairman wrote to employees of the Group.

The letter came shortly after Mistry resorted to war of words by rebutting “insinuations” of mishandling a dispute with Japan’s NTT DoCoMo, saying Ratan Tata was party to all decisions regarding the telecom venture.

Tata, 78, who retired as Tata Group Chairman nearly four years back, justified his return for “maintaining stability and continuity of leadership” and promised to give the group “a world-class leader” when a fulltime boss is appointed.

Earlier in the day, Mistry’s office issued a statement saying all decisions on the telecom joint venture with DoCoMo and the following dispute were taken with unanimous approval of Board of Tata Sons as well as family patriarch Ratan Tata.

The handling of the USD 1.17 billion compensation slapped by an arbitration panel over breach of agreement with DoCoMo is said to one of the triggers for Tata Sons sacking Mistry last month.

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