Ratan Tata seeks investor support for Cyrus Mistry
10 Aug 2012
Ratan Tata, who chaired the last AGM of Tata Motors as group chairman today, has sought the support of the group's shareholders for his successor, Cyrus P Mistry, who will take over the mantle as chairman of the Tata Group in December.
"Cyrus Mistry has all the qualities and values to take the Tata Group in the direction that it has continued in all these years," Ratan Tata told the annual general meeting of Tata Motors.
The $100-billion salt-to-software Tata Group has so far been headed by a Tata and a sudden changeover to a `Mistry' may take away the charm of a Tata enterprise, at least for the public. Shareholders as a whole, may not attach the same importance to a non-Tata in the Tata Group.
''I want you to extend the same sort of support and encouragement that you have given to me all these years, to Mistry as well,'' Tata said.
Thanking shareholders Tata said, ''Let me express my deep appreciation and thanks to all employees and shareholders. Without you, the company wouldn't have achieved this success.''
Under Ratan Tata's stewardship, Tata Motors has grown to become the largest auto company in the country and the fourth largest commercial vehicle-maker in the world. Tata called upon employees and the management to carry the legacy forward to new heights.
