Announcing the surprise sacking of Cyrus Mistry as the Chairman of Tata Sons, Ratan Tata released the following letter to Tata employees. Here's the full text of his letter.
The Board of Directors of Tata Sons has, in its meeting today, replaced Mr. Cyrus Mistry as Chairman with immediate effect.
A new management structure is being put in place and a Selection Committee has been constituted to identify the next chairman of Tata Sons. The committee has been mandated to complete the process in four months. In the interim, the Board has requested me to perform the role of Chairman and I have agreed to do so in the interest of stability of and reassurance to the Tata Group.
Rata N. Tata