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People In The News: The White Flag
Billionaire philanthropist and Microsoft co-founder Paul Allen has decided to back one such idea to transform human health and experience
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Visibly, Vijay Mallya is holding one up high. The UB Group chairman submitted a proposal in the Supreme Court to pay as much as Rs 6,000 crore to settle Rs 9,091 crore in dues his defunct Kingfisher Airlines owes to banks. Mallya promised to pay Rs 4,000 crore upfront by end September and an additional Rs 2,000 crore if he wins a lawsuit filed against a plane engine maker. Some reports say Mallya, who is estimated to be worth Rs 7,000 crore, is likely to sell his stake in United Breweries to partner Heineken in order to arrange funds for settlement with the banks.
Especially if it’s in millions. Google CEO Sundar Pichai received a cash-and-stock package worth $100.5 million in 2015, according to a regulatory filing. The filing revealed Pichai was paid a salary of $652,500, awarded restricted stock worth $99.8 million (which will vest fully in 2017), and given other compensation of $22,935. Last February, Google awarded Pichai $199 million in restricted stock, which was the biggest grant reported by a Google CEO, according to Bloomberg. Pichai became CEO of Google in August 2015.
The Billion-Dollar Idea
Billionaire philanthropist and Microsoft co-founder Paul Allen has decided to back one such idea to transform human health and experience. He recently announced a $100 million gift, which will go to Stanford and Tufts universities, among others, over the next 10 years to speed up research in bioscience. The money will be used to launch two new centres within the schools that will focus on tissue regeneration, gene editing and brain circuitry.
Still Going Strong
Renowned investor Mark Mobius has decided to step down from his day-to-day management responsibility of overseeing the Templeton Emerging Markets Group on 15 April, and expand his role as a thought leader for the group, sharing his macro perspective with clients globally. He will, however, remain chairman of the emerging-markets group. Mobius, who has a doctorate in economics and political science from MIT, has been investing in emerging markets for 40 years and joined Templeton in 1987.
Two Indians — Mahindra & Mahindra’s Anand Mahindra and HDFC Bank’s Aditya Puri — have made it to the annual list of the world’s 30 best CEOs by American financial magazine Barron’s. Mahindra was credited with transforming his family’s “industrial business into a global conglomerate”, while Puri, featuring on the list for the second consecutive year, was cited for his efforts in building “HDFC Bank from scratch to India’s second-largest (private sector) bank”.
Cooked By A Scam
Taiwan billionaire Wei Yin-Chun has been jailed for four years for his role in a cooking oil scandal that has sparked outrage on the island. The businessman was sentenced after Wei-family controlled Tsin Hsin International Group’s Wei Chuan Foods allegedly purchased cooking oil whose ingredients included a banned colouring agent and cheap cottonseed oil.
Jindal Stainless chairman and managing director Ratan Jindal, brother of Naveen Jindal, resigned from the board of directors of the cash-strapped Jindal Steel and Power (JSPL) with effect from 30 March. The development comes against the backdrop of brother Sajjan Jindal-led JSW Energy in final stages of negotiations with JSPL to buy the latter’s 1,000 megawatt power plant in Raigarh district of Chhattisgarh for around Rs 5,200 crore. The move will help JSPL pare its debt.
Indian-American Nandita Bakshi has been appointed president and CEO of Bank of the West, a unit of French banking giant BNP Paribas. The 57-year-old will replace Michael Shepherd. She is expected to join the bank as a CEO-in-training on 1 April and will take the helm officially on 1 June.