Tata Motors sets up Cyrus Mistry led interim panel, to appoint MD soon

Tata Group chairman Cyrus Mistry will head a Corporate Steering Committee (CSC) which will oversee strategy and "key aspects" of operations at Tata Motors, the company said in a statement on Thursday evening. The move follows the sudden demise of the company's managing director Karl Slym, who jumped to his death from a Thailand hotel.

The CSC, chaired by Mistry, comprises the current members of the company's executive committee, consisting of officials in charge of the company's units and central functions such as finance and HR. The members of the executive committee are: Ravindra Pisharody, Satish B Borwankar, C Ramakrishnan, TA Leverton, Ranjit Yadav, Mamillapalle Venkatram, Ankush Arora and Rajesh Bagga.

The decision by Mistry, who is the con-executive chairman of Tata motors, to personally lead the committee appears intended to instill confidence among employees. "It is to ensure continuity of leadership and in complete alignment of the Tata MotorsBSE 0.17 % board to execute the strategy of the company," a person close to the company said.


"The Board of Tata Motors has constituted a corporate steering committee to oversee strategy execution and key aspects of operations; the corporate steering committee will be chaired by me, and will include the current executive committee members. The board expects to appoint a managing director in due course," Mistry was quoted as saying in the statement.

Tata Motors has been facing headwinds because of competition in its bread-and-butter commercial vehicles business coupled with a dramatic 30% slump in industry sales. Its passenger vehicles unit has been relegated to the fourth position, behind Mahindra & Mahindra, in terms of market share. Its market share slipped from 14.9% in FY09 to 8.51% (April to December of FY14) in the past three years. Read more..

Source: Automobile News

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