Cyrus Mistry Not Chosen for Family Ties: Ratan Tata

In his last meeting with Tata Steel shareholders as chairman of Tata Sons, Ratan Tata said that his successor, Cyrus Mistry, had not been appointed for caste or family reasons.
“Mistry was selected by a committee and not due to family rela

tions or him being a Parsi,” Tata said. “We interviewed outside and internal people so it was not a family or ethnic affair.”

Addressing the annual general meeting of Tata Steel, he said the company had done “everything possible” to revive the fortunes of its struggling European subsidiary. “We have done everything short of closing down units which many companies are doing. However, we cannot do anything about falling demand,” he said.

Tata Steel had reported an 89% drop in consolidated net profit in the first quarter, mainly on account of weak demand in Europe.

“There will need to be major move on the part of Tata Steel to reduce costs,” he said, adding that the company needed shareholders to “support us through these times.” “There is an economic crisis in Europe. It is having an impact on demand, price of inputs, currencies. Very abnormal times,” he said.

  • gb

    Now that Mr. Ratan Tata will be free from his duties very shortly, I am sure he will do something good for the parsi community by using his expertise and knowledge to guide especially youngsters of our community.

  • gb

    Now that Mr. Ratan Tata will be free from his duties very shortly, I am sure he will do something good for the parsi community by using his expertise and knowledge to guide especially youngsters of our community.

  • zarathushtri

    I hope you are correct. Do you not think Mr. Tata could have done more before his retirement or has he and we just do not know about it?

  • zarathushtri

    I hope you are correct. Do you not think Mr. Tata could have done more before his retirement or has he and we just do not know about it?

  • zarathushtri

    I hope you are correct. Do you not think Mr. Tata could have done more before his retirement or has he and we just do not know about it?

  • babakkhorramdin

    Neither Mr.J.R.D.Tata or Mr.Ratan Tata have done anything for the community nor can we expect anything in future from the Tatas. Money counts in the Parsi Community that is why their acts and photos are published in parsi press, portals etc. They are extremely rich people. They have been given more importance than Ohrmazd Khodaiji, Sorash Yazad and Zarathustra Paigambar in our community what a shameful community. It is this shameful act which has lead to the dramaticl total downfall of this community nothing else. The community which worships mere mortal having pots of money and influence will definitely fail.
    O Ohrmazd Khodaiji, please guide this foolish community in worshipping the correct Gods and not Tatas.

  • babakkhorramdin

    Neither Mr.J.R.D.Tata or Mr.Ratan Tata have done anything for the community nor can we expect anything in future from the Tatas. Money counts in the Parsi Community that is why their acts and photos are published in parsi press, portals etc. They are extremely rich people. They have been given more importance than Ohrmazd Khodaiji, Sorash Yazad and Zarathustra Paigambar in our community what a shameful community. It is this shameful act which has lead to the dramaticl total downfall of this community nothing else. The community which worships mere mortal having pots of money and influence will definitely fail.
    O Ohrmazd Khodaiji, please guide this foolish community in worshipping the correct Gods and not Tatas.

  • babakkhorramdin

    Neither Mr.J.R.D.Tata or Mr.Ratan Tata have done anything for the community nor can we expect anything in future from the Tatas. Money counts in the Parsi Community that is why their acts and photos are published in parsi press, portals etc. They are extremely rich people. They have been given more importance than Ohrmazd Khodaiji, Sorash Yazad and Zarathustra Paigambar in our community what a shameful community. It is this shameful act which has lead to the dramaticl total downfall of this community nothing else. The community which worships mere mortal having pots of money and influence will definitely fail.
    O Ohrmazd Khodaiji, please guide this foolish community in worshipping the correct Gods and not Tatas.