From 2012 to 2016, Cyrus Pallonji Mistry, an Irish entrepreneur with Indian heritage, served as Chairman of Tata Group, a large Indian commercial conglomerate. He was named chairman of Tata Sons in 2012 as Ratan Tata’s successor, after serving on the company’s board for many years. However, Mistry’s stint as chairman was marred by controversy, and in October 2016, the board of Tata Sons voted to remove him from the role. Mistry was born into a wealthy Parsi business family, and his father was the CEO of the Shapoorji Pallonji Group, a multibillion-dollar conglomerate. He started into the family-owned construction firm after graduating with a degree in engineering. The group’s international construction business expanded to more than ten nations under his supervision. He led the company’s diversification from construction to the design and implementation of complex projects in the marine, oil and gas, and rail industries. He was the managing director of the Shapoorji Pallonji Group before joining the Tata Group. Before his sudden dismissal from the Tata Group, he served in numerous capacities for Tata enterprises such as Tata Industries, Tata Steel, Tata Chemicals, and Tata Motors.
Childhood and Adolescence
Cyrus Mistry was born in India on July 4, 1968, to Indian construction magnate Pallonji Mistry and his wife, Patsy Perin Dubash. Shapoor Mistry is his older brother, and Laila and Aloo are his two sisters.
His father was from the Shapoorji Pallonji Group, a Parsi Indian business family, and his mother was from Ireland. His grandpa was the first to invest in Tata Sons in the 1930s. In 2011, his father became the Tata Group’s single largest stakeholder.
He attended Mumbai’s Cathedral and John Connon School for his early education. Later, he graduated from Imperial College, London, with a BE in Civil Engineering.
He then went on to the London Business School, where he earned a Master of Science in Management. He also graduated from Mumbai University with a Bachelor of Commerce degree.
Career Of Cyrus Pallonji Mistry
Cyrus Mistry was appointed managing director of the Shapoorji Pallonji Group in 1994 after joining the board of directors of Shapoorji Pallonji & Company in 1991. His father was the chairman of the Shapoorji Pallonji Group at the time, as well as a member of the Tata Group’s board of directors.
He was the Director of Tata Elxsi Limited from 1990 until 2009. Until 2006, he was also the Director of Tata Power Co. Ltd.
He worked as the Senior Vice President of Operations and Planning for Convergence Media Private Limited India. He also worked at DQ Entertainment (International) Limited as the Senior Vice President of Business Development and Technology.
After his father’s retirement from the Tata Group, he joined the board of Tata Sons on September 1, 2006. In addition to his responsibilities with the Shapoorji Pallonji Group, he was nominated director of various Tata enterprises.
He resigned from Shapoorji Pallonji & Co. in November 2011 after being appointed as the Tata Group’s deputy chairman. It was also revealed that, following Ratan Tata’s retirement, he would succeed him as Chairman a year later.
In November 2012, he was appointed as an additional director of the Indian Hotels Company Limited, and in December 2012, he was named as its Non-Executive Chairman.
He was named Chairman of the Tata Power Company Limited on November 8, 2012. He was named Chairman of the Board of Tata Global Beverages Limited a few days later, on November 20, 2012. He also rose to the position of Chairman of Tata Teleservices Limited and Tata Industries Limited.
He was named the new Chairman of Tata Sons and Tata Group on December 28, 2012. He was also Chairman of all major Tata enterprises at the time, including Tata Industries, Tata Steel, Tata Chemicals, and Tata Motors.
On December 28, 2012, he was named Chairman of Tata Consultancy Services Limited and Tata Chemicals Limited. In addition, he was named Director and Chairman of the Board of Directors of the Shapoorji Pallonji Group.
He is also a director of Forvol International Services Ltd., Cyrus Investments Ltd., Buildbazaar Technologies (India) Pvt. Ltd., Sterling Investment Corporation Pvt. Ltd., Samalpatti Power Co. Pvt. Ltd., Shapoorji Pallonji Finance Ltd., Oman Shapoorji Construction Co. Ltd., Muscat Pallonji Shapoorji & Co. Pvt. Ltd., and Muscat Pall
In 2016, Cyrus Mistry’s conduct as Chairman of the Tata Group drew much criticism. Ratan Tata, according to several insiders, believed Mistry lacked the vision to lead the company forward. Mistry’s method of acquiring management had also been called into question.
On October 24, 2016, the Tata Sons board of directors voted to remove Mistry from his position as chairman. Ratan Tata, the former chairman, has been named interim chairman.
Major Projects of Cyrus Pallonji Mistry
The Shapoorji Pallonji Group grew its construction business and reached new heights under his leadership. Large engineering projects, such as the construction of power plants and factories, were undertaken by the company. Under his direction, the firms built the world’s tallest residential skyscrapers, the world’s longest train bridge, and the world’s largest affordable housing project.
Personal History and Legacy
He married Rohiqa Chagla, the daughter of Iqbal Chagla, a notable Indian lawyer, in 1992. They have two sons together.
Estimated Net Worth
Through his business, Cyrus Investments Pvt. Ltd., he owns an 18.4 percent stake in Tata Sons. In 2018, his net worth was estimated to be around $10 billion. He was a National Integration Council member.