People In The News: Employees First
Vijay Mallya has fallen. And so have many along with him. This time United Spirits’ Sanjay Churiwala came close
Photo Credit : Bollmberg
Jack Dorsey would rather have “a smaller part of something big than a bigger part of something small”. To make Twitter big and strong, he had pledged to donate one third of his Twitter shares to employees last October. Last week, stockholders of the micro-blogging site approved CEO Dorsey’s pledge to give away 6.8 million shares. The shares, to be added to Twitter’s employee pool, were worth about $200 million on 22 October 2015. Since then Twitter stock’s has slid more than 50 per cent, lowering the value of the promised shares to $98 million.
Something For Silicon Valley
There are no free lunches. But there is free education. French billionaire Xavier Niel is opening a California campus of his tuition-free Parisian engineering school, 42. The CEO of telecom company Iliad will invest $100 million of his own funds to launch the school, where he hopes to train 10,000 people over the next five years. Based on a unique ‘open education’ model Niel launched in France three years ago, 42 has no teachers, books, curriculum or grades and is free of any charge!
None To Be Spared
Vijay Mallya has fallen. And so have many along with him. This time United Spirits’ Sanjay Churiwala came close. The Enforcement Directorate examined the chief financial officer of India’s largest liquor company in its probe related to the company’s $75 million payout deal to Mallya. Churiwala was asked for clarifications pertaining to the terms of the agreement, the basis on which the sum was decided as well as the mode of payment to Mallya.
BJP MP Anurag Thakur has been unanimously elected as the second youngest BCCI president. The 41-year-old former BCCI secretary replaced Shashank Manohar who quit the position to take up the ICC chairman’s job. Thakur’s election represents a generational shift that could lead to the old guard finally taking the back seat in the affairs of the board. For some, there is a bigger agenda at work: it is seen as the completion of BJP’s takeover of yet another important body in the country.
Not Fat Enough
In his first year at Wipro as the CEO, Abidali Neemuchwala took home an annual pay package of $1.8 million. While this was higher than what his predecessor and former CEO T. K. Kurien earned at Bengaluru-based IT major, his peers at rivals Infosys and TCS drew fatter pay packages. According to a regulatory filing, Neemuchwala received $859,079 in salary and allowances, $351,213 in variable pay, $575,122 as other payouts and $21,216 as ‘long-term compensation’.
It Got Him
Mitsubishi Motors president Tetsuro Aikawa, 62, will step down in June as the Japanese automaker looks to regroup from its widening fuel economy testing scandal with the backing of Nissan Motors. In a statement, Mitsubishi Motors accepted that its management created an environment for fraud, and that it tested nine vehicles improperly and overstated the ratings of four minicars.
Power couple Dhiraj Rajaram, founder & chairman of $1.5-billion worth Mu Sigma, and wife Ambiga, the company’s CEO, have divorced. Apparently, the marriage was on the rocks for sometime and the investors of the company were apprised of the matter. Dhiraj and Ambiga have told newspapers that their divorce would not impact the working of the company.
The Ugly Trend
Martin Senn, the former CEO of Zurich Insurance, one of the world’s largest insurers, has committed suicide six months after leaving the company. Strikingly, Senn’s suicide came less than three years after CFO Pierre Wauthier also took his own life. In Senn’s last year at the helm, the company had botched a takeover of UK insurer RSA, which contributed to it missing its profit target.