Cyrus P. Mistry, a scion of the Shapoorji Pallonji Group, who went on to head the sprawling Tata Group as chairman of the holding company Tata Sons for four years before his sudden ouster in 2016, died in a car accident on Sunday.
Mistry, 54, is survived by his wife Rohiqa and two sons.
The youngest son of the late construction tycoon Pallonji Mistry, Mistry, was handpicked by Ratan Tata to succeed him and assumed charge of the Tata Group in 2012, on Mr. Tata’s retirement.
A civil engineering graduate from London’s Imperial College with a Master of Science in Management from the London Business School, Mistry was only the second non-Tata ever to head the group. The relatively young and soft-spoken Mistry soon began to make changes in the group companies’ governance structures in an ostensible effort to infuse fresh dynamism.
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Among his achievements at the Tata Group’s helm, he is credited with having overseen the turnaround of Tata Motors, which has now emerged as a significant player in the passenger car industry.
A votary for exiting all loss-making ventures, Mistry formed a group executive council that was tasked with framing strategies for the group. However, some of his decisions appear to have been controversial and irked the Tatas, and barely four years into his term, Mistry was ousted in an abrupt boardroom move in 2016.
A protracted and see-saw litigation followed that finally culminated in May, when the Supreme Court dismissed a plea of the Shapoorji Pallonji Group seeking a review of its 2021 verdict, which had upheld the Tata Group's decision to oust Mistry as the executive chairman of Tata Sons.
More recently, Mistry oversaw the venture capital firm Mistry Ventures LLP, which he had helped establish in 2018.
Prime Minister Narendra Modi condoled Mistry’s death in a Twitter post. “The untimely demise of Shri Cyrus Mistry is shocking. He was a promising business leader who believed in India’s economic prowess. His passing away is a big loss to the world of commerce and industry. Condolences to his family and friends. May his soul rest in peace,” Mr. Modi tweeted.
"I am deeply saddened by the sudden and untimely demise of Mr. Cyrus Mistry,” Tata Sons chairman N. Chandrasekaran said in a statement. “He had a passion for life, and it is really tragic that he passed away at such a young age. My deepest condolences and prayers for his family in these difficult times."
