New Delhi: In a surprise move, Tata Sons on Monday removed Cyrus Mistry, 48, as its Chairman, nearly four years after he took over the reins of the over $100 billion salt-to-software conglomerate. Ratan Tata, who Mistry had replaced on December 29, 2012, has been appointed as interim Chairman for four months during which a search committee will look for a replacement. CEOs at the operating company level have not been touched in the rejig.

A selection panel has been formed to find a successor in four months. The committee will include Ratan Tata, Ronen Sen, Venu Srinivasan, Amit Chandra. The decision has been taken after the board meeting on Monday.

Ratan Tata makes a comeback, taking over as the company's interim boss for four months. A selection panel has been formed to find a successor in four months. The committee will include Ratan Tata, Ronen Sen, Venu Srinivasan, Amit Chandra. The decision has been taken after the board meeting on Monday. Cyrus Pallonji Mistry is a Irish-Indian businessman and sixth Chairman of the Tata Group.

However, the board of directors didn't give any reason for the change of leadership of the man who was brought in with much publicity and hopes. But, according to the news making rounds in the market circles, Tata Sons reportedly was unhappy with Cyrus Mistry's approach of offloading non-profit businesses, including the conglomerate's steel business in Europe. Cyrus Mistry's focus has been only on cash cows. Tata Sons is the main holding company of the Tata Group. On the other side, CEOs at the operating company level of the group have not been changed in the latest rejig, said the sources.

However, the board of directors didn’t give any reason for the change of leadership of the man who was brought in with much publicity and hopes. But, according to the news making rounds in the market circles, Tata Sons reportedly was unhappy with Cyrus Mistry’s approach of offloading non-profit businesses, including the conglomerate’s steel business in Europe. Cyrus Mistry’s focus has been only on cash cows.

Cyrus Mistry's father is eighty-two-year-old Pallonji Shapoorji Mistry, who's a construction magnate and Chairman of the Rs 12,500 crore Shapoorji Pallonji Group. With 18.5 percent stake, Cyrus Mistry's father is the single largest shareholder in Tata Sons.

Pallonji Shapoorji Mistry has been ranked at 103 by Forbes India Rich List. His son Cyrus Pallonji Mistry became the second non-Tata, after Nowroji Saklatwala who was chairman between 1934-38, to head the 143-year-old Tata Group in 2012.