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More Fortune Cos Have CEOs Of ...

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Compared to six last year, as many as 10 Fortune firms are now headed by CEOs of India origin, but the cumulative profits of these entities is down by half during this period, an analysis of the Fortune 1000 list reveals.





The US business magazine Fortune ranks America's biggest firms based on their full-year revenues in this annual list.

The list, topped by retail giant Wal-Mart, has banking major Citigroup, which has Nagpur-born Vikram Pandit as its CEO, at 8th position -- the top slot for any PIO-run firms.

Together, the 10 companies have recorded a revenue of about $253 billion for year 2007, which marks an increase of about $20 billion from a year ago. The six PIO-run firms in last year's Fortune 1000 list had a total revenue of about $233 billion.

However, the cumulative profit of the 10 companies in Fortune's 2008 list stands at about $13 billion, down from more than $34 billion earned by six firms that were on last year's list.

While LSI Corporation, run by Abhijit Y. Talwarkar, has recorded a loss, the annual profit has declined for three others, namely Citigroup, Rajiv L Gupta-headed specialty chemicals firm Rohm & Haas and Surya Mohapatra-run medical devices maker Quest Diagnostics.

However, the full-year revenue has increased for as many as nine companies, except for Hartford Financial Services, run by Ramani Ayer.





All the 10 such companies in this year's list are Citigroup, Indra Nooyi-led cola major PepsiCo, Hartford, Rohm & Haas, Quest Diagnostics, Shantanu Narayen-run Adobe Systems, Dinesh C Paliwal-headed Harman International, Jai Nagarkatti- led life-sciences company Sigma-Aldrich, Francisco D'Souza- headed Cognizant Technology and LSI Corporation. Such Fortune firms on last year's list were PepsiCo, Hartford, Rohm & Haas, Sigma-Aldrich, LSI and Tellabs.

While Cognizant was not present in the 2007 list, firms such as Citigroup did not have persons of Indian origin as their CEOs.

Besides, Tellabs, which was previously headed by Krish A Prabhu, is no longer run by a person of Indian origin. The company has moved down to 916th position from 845th last year.

While Citigroup has retained its 8th position, PepsiCo has moved up to 59 from 63 last year. Cognizant has debuted at 859th position this year.

Harman International has also moved up 17 ranks to 595th, while Hartford (ranked 95th), Rohm & Haas (295th) and Quest (365th) have moved down the rankings.

Five of the 10 PIO-run Fortune firms have figured in the top 500, while five others are ranked between 500-1,000 ranks.

Pandit-led Citigroup has been ranked at 8th with a revenue of $159.2 billion. While its revenue increased from $146.7 billion in the previous year, profit plunged sharply from $21.5 billion to about $3.6 billion.

PepsiCo saw its revenue growing to $39.5 billion from $35.1 billion, while its profit rose marginally to $5.66 billion. It has been ranked ahead of its rival Coca-Cola (83rd rank).

(PTI)


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