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Tag: MD

  • Leadership Change at Diageo India

    Leadership Change at Diageo India

    MUMBAI: Diageo India, the nation’s leading beverage alcohol company, has announced a leadership transition. Praveen Someshwar, former MD and CEO of HT Media, will take over as CEO-Designate on 1 March  2025, succeeding Hina Nagarajan, who moves to a global executive role at Diageo globally.

    Hina, who led Diageo India through a period of remarkable growth, credited with doubling its market capitalisation to over Rs 1 trillion, will step down on 1 April 2025. Under her tenure, Diageo India expanded its portfolio and bolstered its market share across categories.

    Diageo chief executive Debra Crew said: “Under Hina’s leadership, Diageo India has combined strong top-line growth and margin expansion with impactful strategic initiatives, reshaping and premiumising our portfolio and positioning Diageo India as an innovative leader in the AlcoBev industry. As she moves on to a new role within Diageo, she leaves a significant track record of success and a highly engaged, talented and diverse team. Praveen joins us with an outstanding track record of leading consumer businesses, with a passion for both strategy and executional excellence that will serve us well as we plan for the next phase of Diageo India’s exciting growth story.”.

    Praveen, bringing decades of leadership experience from HT Media and PepsiCo, expressed enthusiasm for steering Diageo India into its next growth phase. 

    USL chairman Mahendra Kumar Sharma lauded Hina’s legacy while welcoming Praveen’s strategic acumen.

  • Singhania as chairman & Kataria as MD get nod from Raymond Lifestyle shareholders

    Singhania as chairman & Kataria as MD get nod from Raymond Lifestyle shareholders

    MUMBAI: In the evening hours of 4 December Raymond Lifestyle – part of the Raymond group– informed the Bombay stock exchange that it had received the required majority from shareholders for the company’s  special resolutions placed before  them at its AGM. 

    Amongst the most important was the appointment of Gautam Hari Singhania as executive chairman. In the  SEBI regulatory filing by the company, it was revealed that 86.85 percent of the 4,17,57,480 votes cast were in favor of the resolution for Singhania’s appointment, while 13.15 percent were against it. Special resolutions, according  to corporate rules,  require 75 per cent or more favourable shareholder votes for them to be deemed to have been approved.

    The shareholders also approved the appointment of CEO Sunil Kataria as its managing director (MD). In Kataria’s case, 89.6631 per cent shareholders were in favor of his new appointment, while 10.3369 were against. 

    Another six special resolutions relating to the appointment of independent directors also sailed through, garnering the required majority from shareholders.
     
    Media reports had expressed concern when some investor groups had lobbied Raymond Lifestyle shareholders to vote against the special resolutions. 

    Raymond Lifestyle had been listed on the stock exchanges on 5 September after demerging and being carved out from Raymond, with Singhania continuing to lead both the entities.

    Later commenting on the development, a Raymond Lifestyle spokesperson said  its shareholders have demonstrated full confidence and voted for Gautam Hari Singhania as chairman and Sunil Kataria as the managing director. 

    “This development has reinforced the fact that the promoter is fully committed towards the organisation’s growth and creating shareholder value,” he  said.

  • Bridgestone India’s MD Parag Satpute dons global role

    Bridgestone India’s MD Parag Satpute dons global role

    Mumbai: Tyres and sustainable mobility solutions provider Bridgestone India has announced that its managing director, Parag Satpute, will be assuming a new global role in Bridgestone’s Solutions business and will be stationed in Amsterdam, Netherlands. He is succeeded by Stefano Sanchini, who will assume Satpute’s role at Bridgestone India. These leadership changes will be effective 1 January 2023 onwards.

    Satpute assumed the role of managing director of Bridgestone India in November 2017. It was during his tenure that Bridgestone India reinforced its position in the Indian market and gained a leadership position. In recent years, the company has expanded its operations in terms of capacity as well as expertise, launching a solutions business and tyre-as-a-service for its customers.

    On his move into a global role, Satpute said, “It has been an enriching experience heading Bridgestone India and working alongside a dedicated team that saw Bridgestone India gain leadership in the Indian market. The last few years have been as rewarding as they have been challenging, and I am pleased to see the fruit of our efforts. I am also excited and looking forward to contributing towards Bridgestone’s ambitions as a global leader in mobility solutions.”

    Sanchini moves from his current role as vice president for the region of the Middle East & Africa (MEA). He will take up the position of managing director, Bridgestone India, and will be based out of Pune, India. Sanchini has been with Bridgestone since 2017 as sales director for MEA and was appointed vice president of region for MEA in 2019.

    “I am looking forward to working in India. India is one of the most diverse markets, and it comes with its own challenges, which the current team has remarkably addressed. As we move into new technologies and mobility solutions, the Indian market is going to be a focus area, and I am happy to be here as we spread out these solutions to the vast Indian customer base,” said Sanchini.

     

  • Joginder Rana named as CASHe vice chairman & MD

    Joginder Rana named as CASHe vice chairman & MD

    Mumbai: AI-driven financial wellness platform CASHe is prepping up for its next phase of growth with a series of key leadership appointments. To this effect, the company has appointed Joginder Rana as the vice-chairman and managing director, Dhruv Jain as chief executive officer, while the incumbent chief technology officer, Yashoraj Tyagi, has been appointed as the company’s first chief business officer.
     
    “The key leadership appointments will play a crucial role in driving the company’s expansion plans. The new team will work closely with Joginder Rana to help CASHe realise its 3.0 vision of becoming the go-to financial platform for the millennial and Gen Z cohort,” the company said in a statement on Friday.

    “We have been ramping up our efforts to piece together a best-in-class team to demystify credit and credit rating systems thereby making financial inclusion possible to all. The company is now in a position to make a better life for everyone by expanding its financial products to cover the entire gamut of needs of its customers,” stated CASHe founder-chairman Raman Kumar. “Joginder, Dhruv, and Yashoraj supported by a young and talented team of professionals will catapult CASHe into becoming the financial platform of choice for all,” he added.

    Rana, a veteran banker, brings in over three decades of global and domestic experience in the banking & ITES industry essentially covering wholesale, retail, rural & FI banking. His previous stint was the MD of Bank of Baroda Global Shared Services, a wholly-owned subsidiary of Bank of Baroda. He has also held senior management positions in leading banks such as RBL Bank, and Citigroup. He holds a distinguished academic background as an all-India rank holder in CA, ICWA and CS. He is also a Certified Fraud Examiner (CFE) from the USA.

    “I am excited about joining CASHe, an incredibly well-positioned company that can transform financial inclusion in an under-penetrated and under-serviced sector, using its unique and industry-first credit rating and credit decision support algorithms and technology platform,” said Joginder Rana on his new role. “Rapid adoption of digital financial products and evolving consumer preferences are strong drivers of growth in this sector and CASHe is well-positioned to assume market leadership as a FinTech platform of choice.”

    Dhruv Jain who joins as CASHe’s CEO brings over three decades of extensive experience in all facets of corporate finance, having worked with large domestic and multinational conglomerates. Most recently, he was MD – CFO with Altico Capital India Ltd, an NBFC, where he spearheaded the company’s critical finance functions, including raising debt capital for business growth. Prior to Altico Capital, he held key leadership roles with India Infoline Group, CitiFinancial (part of Citigroup), Bharti Airtel, Kotak Securities and ITC’s financial services group. Jain is a fellow chartered accountant and licentiate company secretary.

    “I am excited to join CASHe, as its vision and growth plans align with my passion for financial inclusion of all in a credit under-served environment,” stated Dhruv Jain. “CASHe has a strong business model and I look forward to this leadership role to accelerate growth by expanding its balance sheet and increasing profitability. The company is focused on growing aggressively and I am keen to lead CASHe and fuel its ambitious growth plans”

    Yashoraj Tyagi, the youngest CXO level team member, has been appointed as the company’s first bhief Business officer in addition to his current role as CTO. Tyagi joined the company in 2017 as a trainee engineer, straight from BITS Pilani and soon rose to become the CTO post his masters in financial engineering from the University of California at Berkeley. His experience in data sciences/AI and product management will ensure that the company is at the forefront of innovation and excellence. His expanded role will focus on bringing out innovative financial products that are inclusive and expansive besides striving for tech and business focussed alliances that are key to CASHe’s long-term growth and success.

  • Havas Group India elevates Manas Lahiri as MD

    Havas Group India elevates Manas Lahiri as MD

    New Delhi: Havas Group India has announced a restructuring of its senior leadership team at Havas Worldwide (Creative) India to drive business growth, consolidate client management. Effective immediately, the agency has elevated president North Manas Lahiri to the role of managing director, and Ravinder Siwach, currently the national creative director to the role of executive director and national creative director of Havas Worldwide (Creative) India. 

    With over 19 years in advertising and marketing, Lahiri carries experience across sectors, including FMCG, IT, Telecom, and Auto. And Siwach has nearly two decades of experience in many leading agencies. Both have been determined and helped in the overhaul of Havas in the last few years and have been exemplary for the group, said the agency on Monday.

    Lahiri will continue to report to Group CEO Rana Barua and will lead both the offices (Gurgaon and Mumbai) of Havas Worldwide India. He will work closely with the leadership team of the other Havas group companies to drive growth, digital innovations and help in the overall integration across businesses and functions, said the agency. While Siwach will continue to report to Havas Group India’s chief creative officer and chairman Bobby Pawar.

    “We have witnessed an exponential growth in a short span of two years and have added a phenomenal set of new clients and talents across both our offices.  It was time to recognise a strong leadership to drive the client consolidation and take charge of the day-to-day operations of Havas Creative,” Havas Group India – group CEO Rana Barua said. “Manas is a seasoned leader and has driven both organic and inorganic growth for the network, and Ravinder has done an incredible job in scaling up Havas India’s creative prowess under Bobby. Together they have been amazing partners, demonstrated solid team spirit, skill, commitment, and resilience. I am confident that they will scale up Havas Creative, India to greater heights.”

    Havas Group India chief creative officer and chairman Bobby Pawar said, “Ravinder and Manas are a rare pair of leaders who are equally passionate about creating great work and growing the agency. The way they collaborate sets the right tone for the rest of the team.”

  • Eicher Motors reappoints Siddhartha Lal as MD

    Eicher Motors reappoints Siddhartha Lal as MD

    Mumbai: The board of Eicher Motors Ltd (EML) on Monday decided to re-appoint Siddhartha Lal as managing director, with effect from 1 May.

    Earlier on 17 August, the shareholders, at the company’s 39th Annual General Meeting (AGM) had rejected the proposal for the re-appointment of Lal as MD. The shareholders had also rejected the payment of remuneration to Lal.
    “The matter pertaining to the appointment of Siddhartha Lal as managing director and the remuneration proposal was discussed comprehensively, and the board unanimously decided to reappoint Siddhartha Lal as Managing Director, with effect from May 1, 2021,” the company said in a regulatory filing. 

    Speaking about the outcome of the AGM and specifically about the remuneration issue, EML chairman, S Sandilya said, “The Nomination and Remuneration Committee (NRC) of the company has considered all the factors, including inputs from various stakeholders including institutional investors before recommending remuneration for key managerial persons. The primary concern with investors was not Siddhartha’s reappointment as managing director or the proposed compensation; it was the lack of clarity regarding the enabling provision that potentially allowed payment of remuneration upto 3 per cent of profits.”

    “Over the last four years, we have had the same limit of 3 per cent, but in reality have paid only a fraction of that amount. The actual remuneration during FY2021 was at 1.04 per cent of profits, with the preceding years being at a lower percentage,” Sandilya added.

    Given the background of actual remuneration paid to the managing director in preceding years, the board has now approved a revised remuneration structure for the managing director, with a maximum cap of 1.5 per cent of profits as per Section 198 of the Companies Act, the company further stated.  

  • Rahul Joshi’s tenure as MD, Network18 extended till July, 2024.

    Rahul Joshi’s tenure as MD, Network18 extended till July, 2024.

    New Delhi: Rahul Joshi has been re-appointed as the managing director of Network18 for a period of three years. He will hold the position up to 8 July 2024, said the company on Friday.

    The appointment is subject to the approval of the shareholders. The information was submitted by Network18 in a BSE filing. “Joshi is not related to any of the directors of the Company and he is not debarred from holding the office of director by virtue of any order of SEBI or any such other authority,” it added.

    Joshi has been associated with Network18 Group since September 2015 and initially served as chief executive officer, News and group editor-in-chief. In 2018, the Board of Directors of Network18 Media and Investments (Network18) elevated Joshi to the position of managing director of Network18 for a term of three years up to 8 July 2021.

    Prior to joining Network18 Group, he worked with Economic Times (ET) for over two decades, and rose through ranks to become one of the youngest editors. He has also worked as its editorial director, and played a key role in the launch of ETNow, and shaping the digital coverage of ET Online. He has also worked with The Indian Express. Joshi was also on the board of the News Broadcasters Association (NBA). 

  • 93% TV households do not watch news channels; media degenerated into becoming pet performing poodle of govt” former I&B minister, Manish Tewari to Kailashnath Adhikari, MD,Governance Now

    93% TV households do not watch news channels; media degenerated into becoming pet performing poodle of govt” former I&B minister, Manish Tewari to Kailashnath Adhikari, MD,Governance Now

    “93% TV households do not watch news channels; media degenerated into becoming pet performing  poodle of govt” former I&B minister, Manish Tewari to Kailashnath Adhikari, MD, Governance Now.

    Former Information and Broadcasting Minister and MP, Lok Sabha, Manish Tewari has said that  with only 7percent of 950 million people in India with TV sets at home watching news  and current affairs channels and with 391 news and current affairs channels digging around  in that 7%  space to earn money, it  has become a dog eat dog market.

    While speaking to Kailashnath Adhikari, MD, Governance Now at the webinar during the Visionary Talk series, organized by the public policy and analysis platform, Tewari while giving out numbers said that there are  950 million people with television set at home in India. 93% do not watch news channels. Only 7% watch news and current affairs channels and the 391 existing news and current affairs channels are  digging around  in that 7% space trying to earn money. “It has become a dog eat dog market.”

    Tewari also said that that media needs to relook its  revenue models and cannot have  model which is totally advertisement driven.

    While responding to a question if the revenue model could be regulated with a policy, Tewari recalled that when he was the I&B minister he cleaned out the TRP paradigm with a policy framework on how companies which generate TRP’s  need to be regulated when a leading newspaper at that time decided to get out of business.

    “If you want to correct your revenue model and charge subscribers a higher rate for the newspaper they buy or a TV channel they want to see, you will be able to then offer them better content. You have to start pricing your products properly and get people into the habit for paying..  But since you remain advertising dependent it is measured by fake currency called TRP’’ said Tewari.

    The former MP added that like print and electronic media, social media is equally worst and said the  biggest difficulty today is that what used to plague the print media and electronic media now plagues the social media which is also completely advertisement driven model. He said that the advertisement driven model does not allow you to curate quality content and be independent as bulk of small and medium people in the business depend on handouts which are given by the BOC (bureau of  outreach and communication). “There is a fundamental problem they are not willing to look at” he said.

    Coming down heavily on media Tewari said that media is not philanthropic. “Over a period of time media has degenerated into becoming the pet performing poodle of the government. Freedom of press in India is a myth. It is a chimera. Huge corporate interest dictates the direction and trajectory of media depending upon what their business interest currently are. Except  for print media, unfortunately I can’t  say that for substantive section of electronic media”

    Speaking on  paid news the former minister said that when he was trying to amend the Press and Registration of Books Act, 1867 and specifically tried to insert the section on  paid news and penal provisions, ‘‘the push back from biggies in the media industry was so enormous that the bill has not seen the light of day till date.”

    “The news and current affairs media is about educating people, presenting facts in perspective and bringing seriousness to public discourse. That’s the responsibility you need to discharge rather than looking at bottom lines and spin off cheap entertainment as news which does not require news licence” said Tewari in a scathing attack on the news. 

  • Shoppers Stop MD and CEO Rajiv Suri resigns

    Shoppers Stop MD and CEO Rajiv Suri resigns

    NEW DELHI: Shoppers Stop MD and CEO Rajiv Suri has tendered his resignation for personal reasons, effective 25 August 2020 to pursue a career in a company outside India. 

    The board of directors of the company at its meeting has accepted his resignation and placed on record their appreciation for the contribution made by him during his tenure. 

    In the interim period, the company shall be managed by an experienced CXO committee to ensure the stability of operations and strategic initiatives.

  • Havmor appoints Anindya Dutta as managing director

    Havmor appoints Anindya Dutta as managing director

    MUMBAI: Havmor, India’s leading ice cream brand and a wholly owned subsidiary of South Korean conglomerate Lotte Confectionery, has appointed Anindya Dutta as its new managing director.

    He will be the first MD after Lotte acquired Havmor Ice Cream in December 2017.

    Anindya will be taking forward Lotte’s vision of expanding its business footprint in India. His mission will be at one end to leverage the legacy, the category expertise and brand equity that Havmor enjoys in the ice cream category to rapidly scale up the business towards a national leadership position and at the other end to evaluate and build synergistic expansion into adjacent categories.

    Anindya brings 20+ years of leadership experience in the food industry across business verticals and categories including bakery, dairy and confectionery. Prior to joining Havmor, he was with Britannia for the last 17 years in roles of increasing impact in sales, marketing, strategy and P&L Management.

    In his past assignments at Britannia he was heading the dairy and bread business and more recently he was leading the international expansion of Britannia as the vice president of international business.

    Havmor ice cream, now a part of Lotte Confectionery, is one of the largest ice-cream brands in India. Over several years of its existence, the brand has worked tirelessly to deliver a differentiated product to its consumers – always keeping things real. With its last campaign the brand introduced ‘The Cool Gaiz (cows)’ and repositioned itself as an ice cream ‘Made of Milk’ which reflects the core brand philosophy and what the brand has always stood for.

    In the last decade, Havmor has grown ten-fold, establishing a strong brand presence and emerging as one of the fastest growing, most loved ice cream brand of the country. It is one of the few brands which operates both in retail with a network of over 40,000 ice cream outlets and a franchisee parlour model. Currently it operates 250+ flagship ice cream parlours across the country with a plan to add at least 100 more by 2020.

    While innovation forms the essence of every creation at Havmor, the brand ensures to introduce real innovations to its consumers with products ranging from a ‘paan ice cream’, ‘ladoo ice cream’ to premium flavours like Belgian dark chocolate, mocha or hazelnut chiffon. This guarantees the brand caters to audiences across spectrums and with its wide reach and making it accessible to every ice cream lover making it truly a national brand.