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As expected by the market Cyrus Mistry has been removed as chairman of IT giant Tata Consultancy Services and he has been replaced by Ishaat Hussain, a loyal pal of Ratan Tata, who will be in the interim charge of TCS till new man in.
India’s biggest software services exporter recived the advice from Tata Sons (holding 73.26% of shares) nominating Mr Hussain as interim chairman of the company in place of Mr 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.
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