Larsen and Toubro Ltd (L&T), the country's largest engineering and construction company, will decide its succession plan over the next three months even as chief executive officer (CEO) and managing director K. Venkataramanan prepares to retire this month.
L&T will put in “a lot of thinking over the succession planning” over the next two-three months, group executive chairman A.M. Naik said after the company’s 70th annual general meeting on Wednesday.
“The point is, as long as you have an executive chairman, anybody retiring below that can always be covered up by the executive chairman. So we are going to do a lot of thinking over the succession planning over the next two-three months. In three months, we should have some answer,” he said.
In 2012, L&T had split the role of chairman and managing director, elevating Naik to the executive chairman’s position, while Venkatramanan took over as managing director and CEO. Venkatramanan’s term comes to an end this month.
At that time, Naik also received a five-year extension at the top job until the company’s annual general meeting in 2017, when he turns 75.
From a junior engineer, Naik rapidly rose in the company’s hierarchy, moving from general manager to managing director and CEO. In 2003, he was appointed chairman and managing director.
The various business divisions of the group are operated under separate CEOs who report to Naik.
“Since 1999, I have instituted the culture of entrepreneurship in the company and I am happy that the market capitalization of L&T has grown over 40 times since 1999. The sales turnover, even after selling many businesses and demerger of the cement business, has grown over 18 times,” Naik said in March.
Speaking on the structure at L&T, Naik said that the conglomerate has too many businesses, adding that there is a need to rationalize the portfolio to focus on the core businesses. L&T has business interests in construction, heavy engineering, power, defence manufacturing, information technology, finance and realty.
L&T, which is a often referred to as a corporate proxy for the broader economy, has already been trying to sell non-core assets to bring down debt.
Naik said the company will sell its Kattupalli port in Tamil Nadu and its realty assets in Chandigarh which are under L&T Realty. He declined to share details.
L&T had last year sold Dhamra port in Odisha that it owned along with Tata Steel Ltd to Adani Ports and Special Economic Zone Ltd for about Rs.5,500 crore.
On Wednesday, Naik said L&T will not make any new investments until all its existing projects become profitable. It plans to be selective in bidding for projects in the roads and transmission line businesses, the company said last month.
“We have some 17 road projects, but some six-seven of them are not profitable,” said Naik.
L&T, which has projects in West Asia and Africa, is looking at about three infrastructure projects worth Rs.3,000 crore in Sri Lanka, said Naik.
“They may materialize by our fourth quarter... Once the resources are tied up, these projects may materialize and we have a good chance of getting them.”
For the year ended 31 March, L&T had total debt of Rs.82,267.22 crore and net sales of Rs.92,004.58 crore.
At Wednesday’s close, L&T’s shares had risen 6.41% so far this year, while the benchmark BSE Sensex had lost 6.47%.
Full Name : Kazuo Hirai
Born : 22nd - Dec - 1960
Zodiac Sign : Sagittarius
Birth Place : Tokyo
Country : Japan
Education : International Christian University Tokyo
Occupation : CEO Businessman
Industry : Technology
Networth : $1.6 million
Hardwork, perseverance and sheer passion is what it requires to make a mark in any trending precinct today. Kazuo Hirai, president and chief executive officer, Sony Inc., is one such incredible example of the technical arena. Strategic, intellectual and a gaming freak, he began his corporate career with Sony Inc. in the year 1984. With his determination and the eye for the pixel perfection, he was appointed as the president and the chief executive office in the year 2012.
Mr. Hirai, in the year 2009, was appointed as the president of Networked Products & Services Group at Sony. During his tenure at this position, he was able to successfully launch Music Unlimited and Video Unlimited, Sony's online hit services. The determination to succeed and the quest for excellence further augmented his desire. In the year 2011, Mr. Hirai took over the whole sole responsibility of Sony's entire consumer electronics and services, its sales and marketing and design and the technical aspects.
The next generation doesn't start until we say it does - Kazuo Hirai
Throughout his childhood, Kazuo Hirai was deeply influenced by creativity and knowledge and to this day, the passion for innovation, creativity and 'dig in for the gold' attitude enables him to drive new technologies and innovation across various products. His temperament, mindset and the thirst for success has made him what he is today. He has been known as the "mogul in the running" in Vanity Fair's 2004 "New Establishment" list. Considering his inspiring achievements, perseverance and leadership attitude, he got himself listed as one of the most intellectual and influential executives in the pursuit by Entertainment Weekly.
2015 Lifetime Achievement
Kerry K Killinger (born June 6, 1949, in Des Moines, Iowa) is an American businessman and a former chairman and chief executive officer of Washington Mutual, a failed savings and loan association that became the largest bank failure in U.S. history.
Early life and career:
Killinger received his education at the University of Iowa, from which he received his BBA in 1970 and MBA in 1971. He began his career in the financial services industry in 1972, as an investment analyst with Bankers Life Insurance Company of Nebraska, and moved on to Murphey Favre in the 1976, at which he was a securities analyst and eventually a vice president.
Washington Mutual acquired Murphey Favre in 1983, and Killinger was named executive vice president, and was promoted in 1986 to senior vice president, and to director in 1988. He was named president of the company that year, CEO in 1990, and chairman in 1991. American Banker named him its 2001 Banker of the Year. In 2003, Killinger predicted that by 2008, Washington Mutual would not be identified as a bank. He said "We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industry."
Faced with mounting losses from the mortgage market and deep declines in the stock price as a result of the subprime mortgage crisis, the board of directors removed Killinger as CEO on September 8, 2008. The Office of Thrift Supervision (OTS) seized Washington Mutual's banking divisions on September 25, 2008, and named the Federal Deposit Insurance Corporation as their receiver in the largest bank failure in the history of the United States.
While CEO of Washington Mutual in 2007, Killinger earned a total compensation of $14,364,883. In 2008, he took home $25.1 million in compensation. Killinger received a $15.3 million severance payment in September 2008 "as well as a $445,200 lump-sum payment for vacation benefits and a $300,669 'special payment'".
In March 2011, Killinger and two other bank officers were sued by the FDIC for "reckless lending".
Kevin R. Johnson is an American businessman and was the Chief Executive Officer and a member of the board of directors of Juniper Networks, Sunnyvale, California, from September 2008 to January 2014. He currently serves as president and chief operating officer of Starbucks Corporation.
Johnson earned his Bachelor's degree in business administration from New Mexico State University.He began his career as a software developer in IBM's systems integration and consulting business in 1981.
Johnson joined Microsoft Corporation in 1992, where he served in a range of executive assignments for 16 years. Johnson was appointed group vice president of Microsoft's worldwide sales, marketing and services in 2003, and he was named co-president of the Windows and Online Services division in 2005. When fellow co-president Jim Allchin retired a year later, Johnson was named president of the Windows and Online Services division.
Johnson also served as a member of the Western Region Board of Advisors of Catalyst, a non-profit organization dedicated to women's career advancement.He was appointed by President George W. Bush to serve on the National Security Telecommunications Advisory Committee (NSTAC) and is also a board member of Starbucks Coffee Company.
Johnson joined as Chief Executive Officer of Juniper Networks in September 2008. In a statement announcing Johnson's departure from Microsoft to serve as CEO of Juniper, Steve Ballmer, CEO, Microsoft, praised Johnson's contribution to the company, "Kevin has built a supremely talented organization and laid the foundation for the future success of Windows and our Online Services Business. This new structure will give us more agility and focus in two very competitive arenas," Ballmer said. "It has been a pleasure to work with Kevin, and we wish him well in the future."
Johnson was succeeded as Juniper CEO by Shaygan Kheradpir in January 2014.
Klaus-Christian Kleinfeld (born 6 November 1957 in Bremen, Germany) is chairman and chief executive officer (CEO) of Alcoa Inc., and former president and CEO of Siemens AG.
In August 2007, Kleinfeld was appointed COO of New York, NY-based Alcoa Inc.In May 2008, Kleinfeld was appointed CEO of Alcoa, succeeding Alain Belda. In April 2010, Kleinfeld was named chairman of Alcoa and continues to serve as CEO and Chairman of the Board.
Since becoming Alcoa's CEO, Kleinfeld has implemented a transformation strategy to reduce the company's reliance on commodities, transforming it into a global leader in lightweight metals and increasing its reputation for manufacturing innovation. On September 28, 2015, Alcoa completed its transformation with an announcement that it would split into two publicly traded companies the following year – one comprising Alcoa’s upstream businesses, and another comprising the Company’s value-add mid- and downstream businesses.Kleinfeld will lead the value-add company as chairman and CEO and serve as chairman of the upstream company. On completion of the split, he will continue to lead the new downstream company and will also serve as chairman of the upstream company during the critical initial phase to ensure a smooth and effective transition.
Kleinfeld served as CEO of Munich, Germany-based Siemens AG from January 2005 until July 2007. Kleinfeld’s efforts to modernize the company led to conflict with defenders of Siemens’ traditional business culture.However, the company’s financial performance flourished. Previously, Kleinfeld transformed Siemens Management Consulting into an effective partner for the global businesses. He contributed significantly to the profitable turnaround of Siemens’ regional business in the U.S.
In 2006, a German government investigation uncovered slush funds in secret bank accounts maintained by Siemens in order to win contracts. Investigators found no evidence of wrongdoing by Kleinfeld and no charges were brought against him. In 2009, Kleinfeld, along with other former top Siemens executives, agreed to pay Siemens a sum to settle a related civil matter.In June 2007, Kleinfeld left Siemens, citing uncertainty about his future with the company after divisions among Siemens board members concerning the extension of his contract became public.
Kleinfeld started his career in 1982 by joining a specialized marketing consulting firm where he worked with clients such as Siemens, Henkel, Citibank, EFFEN, and various industry associations.
Awards and recognition:
In December 2014, Kleinfeld received a Legend in Leadership Award from the Yale Chief Executive Leadership Institute. Also in December 2014, Kleinfeld received a Dwight D. Eisenhower Global Leadership Award from the Business Council for International Understanding. In May 2014, Kleinfeld was named CEO of the Year at the 2014 Platts Global Metals Awards.
He is the Executive Chairman and majority owner of Kuhne + Nagel AG, a transportation and logistics company. He is also part of the Albert Ballin KG Group, a firm that kept Hapag Lloyd from leaving Germany. He is now based in Switzerland.
Born : 1950 (Parappur, Thrissur, Kerala, India)
Occupation : Businessperson, writer
Known for : Business Philanthropy,Humanism
Spouse(s) : Sheila Chittilappilly
Children : Arun Chittilappilly,Mithun Chittilappilly
Parent(s) : C. O. Thomas
Awards : GOI Rashtriya Samman
: Millennium Businessman of Kerala
: Tourism Man of the Year 2000
: Malayala Manorama Newsmaker of the Year 2011
: TMA Manager of the Year 2000
: ATTOI Tourism Man of the Year 2011
Kochouseph Thomas Chittilappilly is an Indian businessperson, writer, philanthropist and humanist. He is the founder Chairman and Managing Director of V-Guard Industries Ltd and a chain of amusement parks called Wonderla. K. Chittilappilly Foundation, a non profit organization founded by him is engaged in charitable and philanthropic activities. Chittilappilly is a recipient of the Rashtriya Samman award from the Government of India for being among the highest taxpayers and the Newsmaker of the Year 2011 award from Malayala Manorama. As the chairman of the Stray Dog Free movement, he has advocated for government action to address the "menace" of stray dogs in his home state of Kerala, and has criticized legislation forbidding the killing of stray dogs.
Philanthropic and humanitarian activities:
K. Chittilapilly Foundation, founded by Kochouseph Chittilapilly, is a non profit organization and serves as the conduit for his philanthropic activities. The foundation, based in Kakkanadu, Kochi, also oversees the activities of Thomas Chittilapilly Trust, another charitable venture of Chittilapilly which is named after his father and runs two institutions, an old age home where elderly people are housed and provided with sustenance and medical care, and Shantimandiram, a home for destitute children where they are provided with shelter, education and food. The institutions are managed by the Sisters of Nirmala Province, a provincialate of catholic nuns located at Kolazhy in Thrissur. It has also instituted an organ donation award for recognising people who come forward for organ donation and to promote organ donation among people. The foundation offers awards for those who voluntarily donate their own organs or to families who donate the organs of their brain-dead relatives; the awards carry cash components ranging from ₹100,000 to ₹500,000, totaling ₹3.7 million every year.
In 2011, Chittilapilly donated one of his kidneys to a stranger, a truck driver, and started an organ donor chain - where one of the family members of the recipient had to donate an organ thereby forming a donor chain. As a part of the programme, Chittilapilly donated one of his kidneys to a truck driver, becoming the first depositor with the Kidney Federation of India (KFI) and is now closely associated with the movement.
Chittilapilly is a recipient of Rashtriya Samman from the Government of India for being the highest tax payer in India. He was selected as the Malayala Manorama Newsmaker of the year 2011, the year he became an organ donor, the award reaching him in 2012. He is also a recipient of awards such as Millennium Businessman of Kerala from Business Deepika, Tourism Man of the Year 2000 from Destination Kerala, Manager of the Year 2000 from the Travancore Management Association and Tourism Man of the Year 2011 from the Association of Tourism Trade Organisations, India (ATTOI)
Kumar Mangalam Birla is an Indian industrialist and the Chairman of the Aditya Birla Group, one of the largest conglomerate corporations in India. The group is India's third largest business group. He is also the Chancellor of the Birla Institute of Technology & Science.
Early life and education:
Kumar Mangalam Birla is a fourth generation member of the Birla family from the state of Rajasthan.He spent his childhood in Kolkata and Mumbai. He has B.Com degree from University of Bombay, Chartered Accountancy from ICAI& an MBA from London Business School, London, where he is also an Honorary Fellow.
Mr. Kumar Mangalam Birla took over as Chairman of Aditya Birla Group in 1995, at the age of 28. From a turnover of US$3.33 Billion and operations in 8 countries in 1995, today under his stewardship, the Group’s revenues are in excess of US$41 billion with operations straddling 36 countries. He has made 36 acquisitions globally – the highest by an Indian multinational.
An iconic figure, Mr. Birla has won several accolades, to cite a few – the International Advertising Association’s (IAA) “CEO of the Year Award 2016”; US India Business Council (USIBC) 2014, “Global Leadership Award”; Economic Times “Business Leader Award” in 2003 and 2013; Forbes India Leadership Award – Flagship Award “Entrepreneur of the Year 2012; NDTV Profit Business Leadership Awards 2012, “Most Inspiring Leader”; CNBCTV18 IBLA “Business Leader for Taking India Abroad 2012”; CNN-IBN “Indian of the Year Award 2010”; JRD Tata “Leadership Award 2008”; NDTV’s “Global Indian Leader of the Year 2007”.
An educationist, Mr. Birla is the Chancellor of Birla Institute of Technology & Science (BITS). He is Chairman of IIT, Delhi, and Chairman of Rhodes India Scholarship Committee for Oxford University. He serves on London Business School’s Asia Pacific Advisory Board and is an Honorary Fellow of the London Business School.
A Chartered Accountant, Mr. Birla earned an MBA from London Business School.
Kunal Bahl is an Indian entrepreneur, co founder and CEO of the e-commerce platform Snapdeal.
Kunal was born in India and had completed his initial school education at [[Delhi Public School Society| (DPS) Delhi. On his consecutive failure to get admission at Indian Institute of Technology (IIT), Kunal went to USA and got his bachelor's degree in engineering from University of Pennsylvania. Kunal received his business degree from the Wharton School and finished an executive marketing program from Kellogg School of Management. While studying in the US Kunal started a detergent company and worked to sell his product at Walmart stores. Kunal had worked with Microsoft for a short period as he was deported from USA to India due to some visa issue in 2008.
Kunal cofounded Snapdeal along with his school friend Rohit Bansal on 4 February 2010.
Awards & Recognitions:
1. BMA Entrepreneur of the Year 2014
2. ET Top 50 Entrepreneur of India 2014
3. Ranked 25 on Fortune 40 under 40 most influential business leaders list 2014
4. EY Entrepreneur of the year - Startup 2014
5. Nasscom NextGen Entrepreneur 2014
6. AIMA Transformational Business Leader of the Year
7. Indian Affairs Business Leader of the Year 2015