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Ishaat Hussain replaces Mistry as TCS chairman
The much-expected news about Tatas has come, chairman of Tata Consultancy Services (TCS), Cyrus Mistry has been replaced by Ishaat Hussain, Ratan Tata's trusted aide.

Hussain, a director of various Tata companies, will serve the company as interim chairman till a new chairman is appointed, The company has said that the decision to replace Mistry with Hussain was taken by Tata Sons, the majority share owner in the company.

"In view of this, Mr 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," TCS said in a filing with the exchanges.

A general meeting of shareholders is also being organised by Tata Sons to consider a resolution on Mistry's removal as a director on the TCS board. The EGM will be held in 45 days.

Removing Mistry as the chairman of TCS will be easier for Tata Sons as it controls over 70 per cent stake in the company. But removing Mistry as the chairman of other companies where Tata Sons does not have a majority stake is going to be comparatively difficult.

Mistry continues to be the chairman of various other companies such as Tata Chemicals, Tata Motors and Tata Steel.

Mistry's family owns an 18.41 per cent stake in Tata Sons.

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