Cyrus Mistry was selected as the new chairman of Tata Sons to replace Ratan Tata. Mistry is the son of a major Tata Sons shareholder. To facilitate Mistry's leadership, Tata Sons announced a restructuring that replaced existing committees with a new Group Executive Council to provide strategic and operational support to the chairman. Additionally, the document discusses organizational changes at Tata Motors following major losses in 2001, including shifting to market-based pricing, improving products, and international expansion. Finally, it outlines the Tata culture of creativity, innovation, and charity that has led to the company's success.