To The Moon And Back
Myntra CEO Ananth Narayanan will now drive Jabong too. The move came hours after Flipkart-owned Myntra bought Jabong for $70 million in cash
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On 29 July, Amazon’s Jeff Bezos snuck past Warren Buffett for the first time to become the third-richest person on earth. Bezos’ net worth reached $65 billion, which put him $300 million ahead of Buffett. But it came down just as quickly. When markets closed that day, his net worth had fallen to $64.6 billion, which restored the upper hand to Buffett by $400 million. Bezos’ successful rise to third place came as a result of Amazon’s strong performance and Buffett’s recent donations to charity.
Seven years, and he managed to take one of the world’s biggest makers of networking equipment up the creek. Ericsson ousted CEO Hans Vestberg after revenue and profit sagged and an array of investigations at the company led to growing shareholder unease. Ericsson even had to lay off thousands of workers this year in the face of a stagnant market for its products, and is still looking to drastically cut costs. Vestberg would be replaced in the short term by chief financial officer Jan Frykhammar.
Here’s a first. Infosys cofounder Nandan Nilekani has put his weight behind an e-commerce venture for the first time. He has reportedly invested Rs 25-30 crore in the Bangalore-based 10i Commerce Services which seeks to help small traditional shops fight online and organised retailers with the use of technology. This is Nilekani’s largest investment in a startup after pumping around $7.5 million in Sedemac. This is also Nilekani’s 12th investment in a startup.
The shareholders of Renault after all had their way. Renault’s board agreed to cut CEO Carlos Ghosn’s pay on orders from the French government after the carmaker’s dismissal of a shareholder vote against his 2015 compensation triggered another salvo of outrage against executive pay in France. The board had overruled a vote by shareholders against his $7.92 million payout in 2015. The variable share of Ghosn’s salary will be cut by 20 per cent and capped at 180 per cent of his fixed salary.
The Giants’ Game
Myntra CEO Ananth Narayanan will now drive Jabong too. The move came hours after Flipkart-owned Myntra bought Jabong for $70 million in cash. Narayanan will replace Sanjeev Mohanty who was brought in to rescue Rocket Internet’s loss-ridden fashion marketplace in October last year. Mohanty will, however, continue to help in the transition process till mid September. Myntra and Jabong will continue to function as different brands.
A Step Up
The government has promoted director Ajay Bhushan Pandey, general and mission director of Unique Identification Authority of India (UIDAI) — the organisation behind the Aadhaar — as its CEO. Pandey, a 1984 batch IAS officer of Maharashtra cadre, has been serving as director general of the organisation since August 2015. He has a doctorate in computer science.
After sending out notices to several businessmen and industrialists, the income tax department is now dropping the bomb on celebrities. Superstar Shah Rukh Khan recently received a notice, asking him to provide details of his investments in overseas destinations. He has been asked to spell out details of his investments in destinations such as Bermuda, British Virgin Islands and Dubai.
One Step Closer
Cigarettes-to-hotels major ITC has appointed Sanjiv Puri as chief operating officer with immediate effect, signalling that he’s most likely to take over from Y. C. Deveshwar as CEO when he steps down in February after two decades at the helm. As COO, Puri becomes the second most important executive in the conglomerate after Deveshwar, who will be staying on as non-executive chairman.