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India's leading industrial conglomerate Tata Sons Tuesday said it will confer the honorary title of Chairman Emeritus on Ratan Tata, when he retires Dec 28.
The holding company of the Tata Group in a statement said that the honorary title of Chairman Emeritus will be conferred on Tata, and Cyrus P. Mistry will take over as chairman of Tata Sons.
Tata has been the chairman of Tata Sons since 1991. He is also the chairman of some of the major Tata companies, including Tata Motors, Tata Steel, Tata Consultancy Services, Tata Power, Tata Global Beverages, Tata Chemicals, Indian Hotels and Tata Teleservices.
Tata also serves on the board of directors of Alcoa. He is also on the international advisory boards of Mitsubishi Corporation, the American International Group, JP Morgan Chase, Rolls Royce, Temasek Holdings and the Monetary Authority of Singapore.
He is also a member of the Prime Minister's Council on Trade and Industry. Tata received the second-highest civilian award, the Padma Vibhushan, in 2008.
He joined the Tata Group in 1962, after serving in various group companies, he was appointed director-in-charge of the National Radio and Electronics Company in 1971.
In 1981, he was named chairman of Tata Industries, the group's other promoter holding company, where he was responsible for transforming it into a group strategy think-tank, and a promoter of new ventures in high technology businesses.
Tata received a bachelor of architecture degree from Cornell in 1962. He worked briefly with Jones and Emmons in Los Angeles before returning to India in late 1962. He completed the advanced management programme at Harvard Business School in 1975.
As Chairman Emeritus, Tata would retain his professional title. As an honorary title, an emeritus position involves few, if any, responsibilities, but the individual retains a relationship with the institution.
The company board also announced the appointment of Cyrus P. Mistry as the new chairman effective from Dec 28.
"The board of directors of Tata Sons today (Tuesday) announced the appointment of Cyrus Mistry as the chairman of the board after Ratan Tata retires on Dec 28," the company said in a statement.
Mistry has been serving on the board of Tata Sons since 2006, and was appointed in November last year as a successor to Ratan Tata, who has been chairman since 1991.
Tata Sons Limited is a promoter of the key companies of the Tata Sons and holds the bulk of shareholding in Tata companies.
Mistry, 44, is the younger son of construction magnate Pallonji Shapoorji Mistry, who holds an 18.5 per cent stake in Tata Sons, making him the single largest shareholder. He is married to Rohika Chagla, daughter of eminent lawyer Iqbal Chagla.
Mistry's one sister is married to Noel Tata, Ratan Tata's half-brother.