India Inc Starts Fiscal With Leadership Changes

New Delhi: India Inc appears to be gearing up for a new-look leadership team in the new financial year, as at least 22 companies announced changes in their various top positions today -- the first working day of the current fiscal 2012-13. The changes mostly relate to various director-level positions, while new appointments have been made for top posts like Chief Executive Officers (CEOs) and Managing Directors (MDs) as well in some cases. The companies that announced changes in their board-level or other top positions today included Firstsource Solutions, Suzlon Energy, Union Bank of India, BHEL, Tata Motors, HCL Infosystems, Honda Siel Power Products and Allahabad Bank. Besides, entities like Great Offshore, Diamond Power Infrastructure, Indusind Bank, Balaji Telefilms, Smartlink Network Systems, MARG Ltd and Suryachakra Power also announced today the senior-level movements. Other such companies included Diamines & Chemicals Ltd, GM Breweries, APW President Systems, Cimmco Ltd, Bodal Chemicals and Easun Reyrolle. In addition, another entity Godrej Properties has seen a new chief, Pirojsha Godrej, taking charge in the new fiscal. The salt-to-software conglomerate Tata Group would see its chief Ratan Tata being succeeded by Cyrus Mistry later this fiscal in December 2012. Besides, a number of PSUs (public sector undertakings) could witness changes in various board-level positions, including top posts of Chairman and MDs, later this fiscal. As per the Public Enterprises Selection Board (PESB), which is responsible for recruitment of senior-level positions at PSUs, a total of 49 vacancies need to be filled in the coming months at various public sector firms. This include Director-level positions at Powergrid, Coal India, ONGC, Nalco, BSNL, HAL, Hudco, Shipping Corporation, PFC, Neyveli Lignite, NTPC and Engineers India Ltd. Besides, PESB has got vacancies for the post of Chairman and Managing Director (CMD) at companies like MOIL Ltd, Heavy Engineering Corporation Ltd, STC, RITES Ltd, HSCC (India) Ltd, Fertilizers & Chemicals Travancore Ltd (FACT), Encore Port Ltd, Electronics Corporation of India Ltd, BEML Ltd, NBCC and Andrew Yule & Company Ltd. Among the changes announced today, Union Bank of India said that D Sarkar has been appointed as its CMD and he has taken the charge with effect from April 1. Subsequently, D Sarkar has ceased to be the director of Allahabad Bank, which also announced today appointment of Tilak Raj Chawla as a new Executive Director. Firstsource Solutions Ltd also announced that Alexander Matthew Vallance has resigned as its MD & CEO and would be succeeded by Rajesh Subramaniam with effect from May 16, 2012.
Source: PTI