Ta Ta, Cyrus Mistry - Farewell Too Soon

This is a tribute to an individual whom I have never interacted with. But about whom, I have heard a lot about, from individuals who have worked/interacted with him, and/or for him. A common thread is that he was polite yet firm, humble yet had a vision, focused and allowed people to flourish under his leadership. People speak about his ability to listen without interrupting, and for his comments that were never acerbic, and more with empathy even if he disagreed completely with them. He has been a silent philanthropist, who did not seek publicity for his beliefs.

Why did I feel as if I lost someone I knew well? Was it that Mistry’s fight for his right was all over the media for years? For me, the learning as a professional who watched the bitter battle that unfolded in Cyrus Mistry’s fight for his right was simply this: there are Holy Grails in every large house and the minority protection rights despite owning 18% stake was a mirage.

Well, he was the son of a wealthy billionaire and never showed off his wealth or status. Despite leaving the chairmanship under such a cloud, he never was bitter and did not go public. He maintained his calm towards the group he led for a few years. Despite his personal businesses where his family held stakes were in financial stress, he did not browbeat anyone. He silently sold stakes in many of those to financially restructure his business enterprise. He proved he could say Na & No - something he probably tried earlier in a different avatar, and probably ruffled many feathers. He showed mettle and dignity in making business decisions and not belabouring the point about business failure or bad cycles in the industry segment. His style was grounded and approachable. He was curious about the future and in his role as the chairman, questioned the reason for the existence of many of the group businesses - a valid rationale exercise worthy of listed entities where public monies are at stake. But was it acceptable in the quieter corridors of those whom he (had to) deal(t) with ?

(Young) Age against him
(Young) Age probably was the one factor that hurt him in the Board room. Just like most of the Indian Corporate Boards have seen. The Holy grail of age still holds its grip on boards, decisions, and yet we speak of governance with a sentiment that’s unbelievably vain. For most, succession planning does not still exist in Corporate India. And even if it did, does it become a mere pulley of the older guard? Was this a challenge that Mistry faced? Well, only the true insiders would know and the secrets will go down to the grave.

For as the group chairman, it was his job to lead. Probably he did not allow for much leverage against him to toe someone else’s line. In his case, any decision that he would have taken for the group has an impact on his own family’s wealth - for they had more to lose with their stake otherwise. When he took over, he kept his family enterprise - Shapoorji Pallonji Group - away from construction contracts with the Tata Group. This would have meant a substantial loss of business for the two groups had enjoyed this working relationship for decades before.

It should be acknowledged that for the first time, the Tatas appointed a Brand Custodian at the Holdco level, under his leadership. Not an easy task, and yet done without much ado. There were no controversies, no flashy news or gossip columns about him - either before, during or after his stint as the Group Chairperson. When President Obama visited India, Mistry was appointed by the Indian Prime Minister as the Co-Chair of the Indo-US forum. As in that high-profile role for a high-profile global summit, not many actually heard of Mistry. He played the perfect host, at the background, getting things ready. That’s another sign of a tall leader. Especially one who did not want any limelight.

Farewell & grace
In Mistry’s passing away at a young age, Indian business has lost a sharp leader. With the heavy legacy burden that he knew he had to shoulder, of being Tata group chairman (at age 43 years), surely he was ready to give up his youth for the benefit of India’s stalwart group’s future. This is exactly why this news was a reality check to see which of the corporate giants in India, including his past associations, mourn the passing away, in public. Thankfully decency still exists and many did. Old guards can have the grace and decorum to pay a mark of respect for the departed soul. As most religions & philosophies show that paying respect to the departed is a decent human way.

For all the battles he fought for clearing his name, was justice done? Was the fairness received in the spirit of ethics? For like many, I do feel that he was wronged. A single individual fighting the system. Well, at some point in the future, case studies would be written and the topic dissected. Especially when those who don’t like that topic are not around. Such is (business) life.

Farewell Mistry - the quintessential gentleman next door. Travel safe. For we have still to learn grace and quiet dignity, while we are still this side.

Srinath Sridharan, Corporate Advisor & Independent markets commentator
Twitter: @ssmumbai