Time for refreshment
IN AUGUST, at one of his last shareholder meetings as the chairman of Tata Sons, Ratan Tata sat on a stage in Mumbai, dressed immaculately, chewing sweets and looking deeply uneasy as the audience flattered him. An ancient fan from Bengal blurted into a microphone: “You are an icon.” A woman with thick glasses broke down, croaking: “You’re the most refined, cultured, humble chairman.”To Mr Tata’s right, watching it all, was Cyrus Mistry, twirling a biro and wearing a poker face. On December 28th the 44-year-old Mr Mistry will take over as boss of the 144-year-old group. It is India’s largest conglomerate, with sales of $ 100 billion, just over half of those beyond India, spanning everything from outsourcing to steel, luxury cars and salt. Succeeding Mr Tata, a revered figure in India who has held the reins for 21 years, is one of the hardest jobs in the world. Mr Mistry, who has an Irish passport, is the first non-family member to hold the post, although he is not quite an outsider. Like Mr Tata he is from Mumbai’s tight-knit Parsi community. His family, which made…
