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| Three Indians Figure In The Forbes List |
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| Three Indian Americans have appeared in the Forbes list of the highest paid CEOs of the 500 biggest US companies - PepsiCo's Ms Indra Nooyi, Quest Diagnostics' Mr Surya N. Mohapatra and Adobe Systems' Mr Shantanu Narayen. Ms Nooyi (93th) earned a compensation of USD 10.66 million, Mr Mohapatra (96th) got USD 10.29 million and Mr Narayen at 425th slot took home a pay packet of USD 1.88 million, the magazine said. Mr H. Lawrence Culp, the chief of the diversified manufacturing and technology firm Danaher, is at the top of the list with a total compensation of USD 141.36 mn. |
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| Source : 02-05-10 ibnlive.in.com Compiled by Amresh Anjan |
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| Small Firms From US, Europe On Their Way To India |
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| After the large-cap multinationals, it is the turn of the small and medium enterprises (SMEs) of a size of around $500 million from US and Europe to come to India. Some of these companies are owned and run by families. These companies will head to India either for outsourcing or back-end operations, said Mr Shrinivas Rao, CEO of Asia-Pacific, Vestian Workplace Services. Some companies in the technology, clinical research, auto design and ancillary, and pharmaceutical sectors are consulting with Vestian, an occupier services company. It is currently helping seven-eight companies, especially in the clinical research space, set up offices in Bangalore and Chennai. These companies would need 20,000-25,000 sq.ft each and are going to hire about 10,000 highly skilled persons. |
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| Source : 04-05-10 The Hindu Business Line Compiled by Amresh Anjan |
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| Foreign Students Attracted Towards Internship Offers From Small Firms |
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| A lot of overseas students are heading towards India to take up internships in Indian companies. But it is not only big names, including the Infosys and Tatas, which are attracting talent. Smaller companies are also becoming attractive for foreign students. A Pune-based IT company, Extentia is inviting youngsters from Europe, the US and the West Asia to its global internship programme. Foreign students have been competing with each other to work with this firm. IT giants such Infosys and Tatas have been running internship prorgrammes for a long time. Infosys has been doing the same for 10 years and Tatas have been doing the same since last four years. But a much smaller company like Extentia Information Technology too has been into it for the last eight years and has now built up its own fan following. The firm has had 80 interns from 10 countries – UK, Germany, France, Italy, US, Canada, Singapore, Egypt, New Zealand and Morocco. |
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| Source : 07-05-10 The Financial Express Compiled by Amresh Anjan |
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| Infy Pay Acknowledges Future Heads |
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| Infosys, which had seen some top-level attrition last year, has embarked on a leadership development programme and trying to make sure those targetted are satisfied with their compensation. The company, which is gradually entrusting significant work such as handling of high-value clients and brand building to second-rung leaders, paid them salaries that beat those of even the founding team members during 2009-10. During the year ended March 31, Mr Ashok Vemuri, a member of the company's executive council and Senior Vice President heading the BFSI (banking, financial services and insurance) practice at Infosys, got Rs 4.61 crore (close to $1.3 million at an exchange rate of Rs 44.9) of salary. This meant that Mr Vemuri, a former investment banker, was given average monthly emoluments of close to Rs 34 lakh, compared with Infosys' MD and CEO Mr Kris Gopalakrishnan's monthly compensation of Rs 8.5 lakh. Likewise, Mr N R Narayana Murthy, co-founder and now chairman and chief mentor of the company, was given annual compensation of Rs 56.12 lakh. However, both Mr Murthy and Mr Gopalakrishnan, earn much more in terms of dividends, as they are significant shareholders in the company. Mr Gopalakrishnan said the company was trying to fill the vacuum created by the exit of top executives, including a co-founder, MR Nandan Nilekani, by handing over critical jobs to a new generation of leaders, mostly from the company's executive council. |
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| Source : 07-05-10 Business Standard Compiled by Amresh Anjan |
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| Top Level Movements Witnessed In Govt Institutions |
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| UCO Bank Chairman and Managing Director Mr SK Goel is all set to take over as the new chairman of India Infrastructure Finance Company (IIFCL). According to the sources close to the development, the appointment of Mr Goel, whose term at the Kolkata-headquartered bank was due to end in a couple of months, had been approved by the government and a notification was expected shortly. He is going replace Mr SS Kohli, whose extended term at the infrastructure finance company came to an end last month. The financial institution's Executive Director Mr Pradeep Kumar is, at present, officiating as the chairman and managing director. The sources also revealed that at least two other appointments were being finalised by the government. Mr RV Verma, executive director at National Housing Bank, is the likely victor for the post of chairman at the refinance and housing finance regulatory agency. The government has begun the process of appointment afresh due to problems in the first round. For a year, Central Bank of India Chairman and Managing Director Mr S Sridhar has been officiating as NHB chairman. Other than that, sources said a notification regarding the appointment of IDBI Bank Chairman and Managing Director Mr Yogesh Agarwal as the pension regulator was expected soon. His appointment has been approved by the government. |
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| Source : 04-05-10 Business Standard Compiled by Amresh Anjan |
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| Hyundai Reinstates Its Two Dismissed Employees |
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| A group of employees of Hyundai Motor India Ltd, who were dismissed earlier on disciplinary grounds, approached the company for a direct settlement. The company started negotiations with them and so far it has resolved the issue with two employees and the process is underway with another 20 employees. Under the settlement, all dismissed employees will get their statutory dues and ex-gratia payment, said Hyundai in a statement. |
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| Source : 04-05-10 The Financial Express Compiled by Amresh Anjan |
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| Staff Union Of AI Threatens Stir |
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| The Air India staff union has said that it will take 'industrial action' if the management did not reinstate 23 cabin crew, who were derostered over the last month's Cairo flight delay episode. The crew reported seven hours late on duty. As a result, the flight operated via Cairo in view of the aerospace closure in Europe owing to volcanic ash, was delayed by 16 hours. |
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| Source : 07-05-10 Business Standard Compiled by Amresh Anjan |
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| Goldman Shelled Out $5.5 Billion To Its Staff In Salary And Bonuses |
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| Goldman Sachs, which is being probed by the US and the UK authorities for its role in the financial slowdown, gave out $5.5 billion to its London staff in salary and bonuses last year. The payouts equate to an average of $ 1 million each, which is almost twice as much as the average pay across the rest of the group. |
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| Source : 03-05-10 The Financial Express Compiled by Amresh Anjan |
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| Intelenet To Appoint 7, 000 Personnel |
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| With the IT industry expected to expand by 15-20 percent on the back of an improving global economy, leading BPO service provider, Intelenet Global Services (Intelenet), plans to expand its footprint overseas and hire around 7, 000 personnel this financial year, according a top company official. |
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| Source : 03-05-10 Business Standard Compiled by Amresh Anjan |
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| ICICI Bank To Recruit Up To 7,000 Staff This Fiscal |
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| ICICI Bank said that it plans to hire up to 7,000 this financial year. "We plan to hire around 5,000-7,000 people this fiscal. We have also declared bonus and increments for our employees," ICICI Bank managing director and CEO Ms Chanda Kochhar said after inaugurating 2,000th branch of the largest private sector bank in Mumbai. The bank has become the first private sector bank to reach this milestone, giving it a wide distribution reach in the country, Ms Kochhar said. |
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| Source : 03-05-10 livemint.com Compiled by Amresh Anjan |
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| RBI Overhauls Promotion And Appraisal System |
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| Reserve Bank of India is going in for a complete overhaul of its promotion and appraisal system, a first in the bank's 75 years of experience. The bank is bringing in transparency in the performance appraisal system of its officers by allowing them to review their reports. In fact, it has also decided to put in place a mechanism to redress employee grievances. For this, it has set up a redressal mechanism to hear appeals from officers on communication of the entries made in their performance appraisal reports. Now, an unsatisfied officer can appeal against the marks awarded and also the remarks in the report made by his superiors within 15 days. |
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| Source : 03-05-10 Business Standard Compiled by Amresh Anjan |
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| AI Names New COO |
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| Captain Gustav Baldauf, who previously held a senior post with Austrian Airlines, has now been appointed as Air India's Chief Operating Officer. For the first time, the national air carrier has appointed a COO in the company and also a first for a foreign national to assume the post, according to sources. |
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| Source : 07-05-10 Business Standard Compiled by Amresh Anjan |
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| HCL Names New President For Business Services |
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| HCL Technologies has appointed Mr Rahul Singh as President, Business Services and Corporate Vice-President. He will be responsible for driving growth in the BPO and Business Services division globally including all the acquired entities, according to a company release. |
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| Source : 04-05-10 The Hindu Business Line Compiled by Amresh Anjan |
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| Mr Bhatia Named As MD Of Bofa-Merill Lynch's MD For Corporate And Investment Banking For India |
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| Mr Asit Bhatia is going to join Bank of America-Merrill Lynch as managing director for corporate and investment banking for India. He will be responsible for coverage of select clients in India and will work with the investment banking, global markets and corporate banking teams. Till October 2009, he spearheaded the corporate coverage team at Bank of America in India and was responsible for marketing, origination, execution and delivery of select corporate and investment banking products to a client base consisting of large local and multinational companies. |
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| Source : 04-05-10 Business Standard Compiled by Amresh Anjan |
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| Audi India Names New Marketing Head |
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| Audi has announced the appointment of Mr Clemens Ollmert as Head of Marketing and Mr Gerhard Pretorius as Head of After Sales. Mr Ollmert, 38, takes over from Mr Martin Birkner as Head of Marketing. Audi India has structured five main departments: Marketing (Head: Mr Clemens Ollmert), Sales (Head: Mr Anil Reddi), After Sales (Head: Mr Gerhard Pretorius), Dealer Network (Head: Mr Rishi Goel) and Press Communication (Head: Metabelle Lobo) directly reporting to the Managing Director, Mr Benoit Tiers. |
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| Source : 03-05-10 Business Standard Compiled by Amresh Anjan |
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| NCR India Appoints New MD |
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| NCR Corporation has appointed Mr Jaivinder Singh Gill as its new managing director of India. He has more than 19 years of experience in sales and business management with leading multi-national companies from the information technology and financial services sector. |
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| Source : 07-05-10 The Hindu Compiled by Amresh Anjan |
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| Mr Anand Mahindra Appointed As Mahindra-BAE Chief |
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| Mahindra Group's Vice-Chairman, Mr Anand Mahindra has been elected as chairman of Defence Land Systems India, a Mahindra and BAE Systems joint venture company. The inaugural board meeting declared the Jr operational and also appointed BAE Systems' managing director international operating group Mr Guy Griffiths as Vice-Chairman of the joint venture's board. |
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| Source : 05-05-10 The Financial Express Compiled by Amresh Anjan |
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| Citigroup Appoints Mr Sunil Nair As India Private Equity Business Head |
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| Mr Sunil Nair has been appointed as head of Citigroup's private equity business in India, the US bank said in a statement. Mr Nair, who is currently the head of Citi's international venture capital investment activities in Central and Eastern Europe, the Middle East and Africa, will assume the additional charge of India with immediate effect, it said. |
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| Source : 03-05-10 DNA Compiled by Amresh Anjan |
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| Mr Jayakar Krishnamurthy Appointed As CMD of Ucal Fuel |
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| Mr Jayakar Krishnamurthy has been elevated as Chairman and Managing Director of UCAL Fuel Systems (UFSL). As per a release, Mr. Krishnamurthy took over the position from Mr S.Muthukrishnan, who was chairman of UFSL since August 1987. |
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| Source : 05-05-10 The Hindu Compiled by Amresh Anjan |
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| Three Senior ICICI Venture Officials Resign |
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| Three senior officials of ICICI Venture have stepped down from the company. The three officials are Mr Jayanta Banerjee, president, Mr Sunay Mathure and Mr Anand Vyas, directors. An ICICI Venture spokesperson confirmed the resignations. "They have resigned," he said. Though he did not say why they resigned, it is speculated that the three may set up their own private equity fund. |
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| Source : 04-05-10 DNA Compiled by Amresh Anjan |
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