In an extremely unexpected move, the Tata Group made a shocking announcement today. The group has decided to fire its Chairman Cyrus Mistry. Mistry, who took over as Chairman in 2011, will now be temporarily replaced by the group’s old Chairman, Ratan Tata. According to sources, a selection panel has been formed to find a successor in four months. The committee will include Ratan Tata, Ronen Sen, Venu Srinivasan, Amit Chandra. The decision to sack Cyrus Mistry came  after a board meeting today.

Tata Sons, a conglomerate that is worth more than  $100 billion and manufactures everything from salt to software, has not given any confirmation on the reason it chose to fire its Group Chairman. However, according to available sources, it seems as though the group didn’t find Mistry’s business model viable. The official statement from the group read,”Tata Sons today announced that its Board has replaced Mr Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a Board meeting held here today. The Board has named Mr Ratan N Tata as Interim Chairman of Tata Sons.”