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Tata removes Cyrus Mistry as TCS chairman; Ishaat Hussain interim chairman

Tata removes Cyrus Mistry as TCS chairman; Ishaat Hussain interim chairman
Tata Group Chairman Mistry speaks to shareholders during TCS annual general meeting in Mumbai. Image Source: Reuters
Written By: Reuters
Updated: Thu, Nov 10, 2016
09:26 am
Reuters
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India`s biggest software services exporter, Tata Consultancy Services (TCS), said it received a letter from majority owner Tata Sons nominating Ishaat Hussain as the interim chairman of the company in place of Cyrus Mistry. 

"Mistry has ceased to be the Chairman of the Board of directors of the company, and Hussain is the new Chairman of the company. The company has been further informed that Hussain shall hold office as Chairman of the company until a new Chairman is appointed," the company said in a filing with the exchanges.

ALSO READ: Cyrus Mistry's ouster well-considered, says Ratan Tata 

Tata Sons owned 73.26% stake in Tata Consultancy Services (TCS), part of the salt-to-software conglomerate Tata Group, as of September 30, according to exchange data. 

Last month, Mistry was ousted as chairman of Tata Sons in a surprise move, and was replaced by Ratan Tata as interim chairman.

ALSO READ: Ratan Tata installs new management team at Tata Sons