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BW Businessworld

The Undisputed Leader

Aveva Group CEO Richard Longdon announced his departure less than a month after a second round of merger talks between the UK software engineering group and French industrial group Schneider Electric collapsed

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He is the one, no doubt. Only a few days ago, HDFC Bank’s Aditya Puri emerged the top drawer among private bank chiefs in 2015-16, with a 31 per cent growth in remuneration to Rs 9.73 crore. And now, the chief executive and managing director of the second largest private sector lender has been ranked the best banking chief executive officer in Asia by the All-Asia Executive Team Rankings 2016. The survey had 1,394 investment professionals from 582 financial institutions participating in it. It encompassed 1,541 companies from 18 sectors across Asia, excluding Japan.

Past Present

Jignesh Shah, founder of erstwhile Financial Technologies, has been arrested by the Enforcement Directorate (ED) in connection with its probe into the Rs 5,600-crore National Spot Exchange (NSEL) money laundering scam. His arrest has been in the light of “fresh” findings under the Prevention of Money Laundering Act. This is the second time Shah has been arrested in connection with the NSEL fraud.

Calling It Quits

Aveva Group CEO Richard Longdon announced his departure less than a month after a second round of merger talks between the UK software engineering group and French industrial group Schneider Electric collapsed. It is, however, not known whether that was instrumental in Longdon’s decision to quit. Longdon, who joined Aveva more than three decades ago and has been CEO for 17 years, will leave at the end of the year.

Motoring On
Just like JPMorgan Chase’s Jamie Dimon and Goldman Sachs’ Lloyd Blankfein, Accenture chief executive Pierre Nanterme, who was recently diagnosed with colon cancer, is not ready to retire hurt. He is currently recovering from a surgery, and will be actively involved in day-to-day operations. Very recently, in the third quarter ended 31 May, Accenture posted a higher profit and increased its full-year guidance, as revenue rose 8.4 per cent to $8.97 billion on his watch. “I have already had surgery, which went very well. I will now move to the next phase of my treatment,” Nanterme wrote to employees, clients and shareholders.

Logging Into Life
Microsoft CEO Satya Nadella is writing a book called Hit Refresh, to be published by Harper Business in the fall of 2017. “Hit Refresh follows three storylines: Nadella’s personal journey of transformation, the change that is taking place today inside his storied technology company, and one that is coming in all of our lives as intelligent machines become more ambient and more ubiquitous throughout society,” the publisher says in a release.

Mallya AfterMath
Bayer CropScience has appointed Pankaj Patel as non-executive director and chairman of the company with effect from 5 July following beleaguered businessman Vijay Mallya’s resignation in June. Mallya resigned after over 12 years of holding the position in the company.

Unusual Suspect
In a most shocking incident, France’s third-richest individual Serge Dassault went on trial for allegedly squirrelling away millions of euros to avoid paying tax. The 91-year-old, who is a member of the French senate and head of a business empire that includes Dassault Aviation, stashed away as much as €31 million to various tax havens. The trial, however, is part of a wider probe into alleged vote buying by him during political campaigns while serving as mayor of Corbeil-Essonnes, a Paris suburb.

No Free Stays
Subrata Roy can continue his stay outside the bars of a prison. But there’s a condition. The Supreme Court has extended the parole granted to Sahara chief Roy on humanitarian grounds following the death of his mother till 3 August, with a strict condition that he will have to deposit the balance of Rs 300 crore, out of the Rs 500 crore promised by him.


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