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People In The News: Not Ready To Wait

Flipkart co-founder Binny Bansal has punched his ticket to one of the most high-profile neighbourhoods of Bangalore with a nearly $5-million (Rs 32 crore) house in Kormangala

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Nikesh Arora was set to take over as CEO of SoftBank next year from Masayoshi Son, 58, who had decided to cede control. But Son changed his mind. And now, Arora is out. He resigned from his role as president after Son decided to stay at the helm for another five to 10 years. The resignation of Arora, one of the highest paid executives who took home a package of $135 million in 2014-15, came a day after a panel comprising independent members of SoftBank’s board cleared him of conflict of interest charges.

Good Run Continues

Nissan Motor Co. president Carlos Ghosn, one of Japan’s best-paid executives, received more than 1 billion yen ($9.58 million) in compensation for the second straight year after the carmaker’s profit climbed to a record. The 62-year-old was paid a total of 1.07 billion yen for the year ended 31 March, up 3.5 per cent from a year earlier, according to a statement distributed at Nissan’s annual meeting.

Making History
Bharti Enterprises chairman Sunil Bharti Mittal has been elected chairman of International Chamber of Commerce (ICC) in a voting held in Brazil. He is the third Indian to hold this position in ICC’s near 100-year history. Founded in 1919, ICC is the world’s largest business organisation that represents the private sector’s views to national governments and intergovernmental bodies around the world. Mittal takes over from Terry McGraw, chairman emeritus of S&P Global, who will subsequently become ICC’s honorary chairman.

Status Change
Business tycoon Vijay Mallya is many things, including a proclaimed offender now. A special court declared him a “proclaimed offender” on a request of the Enforcement Directorate (ED) in connection with its money laundering probe against him in an alleged Rs 900 crore loan default case. This came after ED filed a petition over a case where the businessman is suspected to have diverted a Rs 430-crore loan given by IDBI Bank to his Kingfisher Airlines to purchase properties abroad. Mallya is in London since 2 March.

The Billionaire Boulevard
Flipkart co-founder Binny Bansal has punched his ticket to one of the most high-profile neighbourhoods of Bangalore with a nearly $5-million (Rs 32 crore) house in Kormangala. The 32-year-old CEO of India’s biggest online retailer bought the 10,000 sq. ft property close to the place where the Bansal duo started Flipkart nine years ago. Bansal and wife Trisha will now be neighbours to Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan as well as Devi Shetty and Rajeev Chandrasekhar.

Another Falls
They say no one is safe. Hacker group OurMine, which previously broke into Facebook CEO Mark Zuckerberg’s Twitter and Pinterest accounts, recently took over Google CEO Sundar Pichai’s Quora account. It posted messages on Quora through his account, also connected to his Twitter account, thereby publicising their hack to all 508,000 of his followers.

End Of Time
Xerxes Sapur Desai, the man who founded Titan and made it an internationally renowned Indian watch brand, is no more. The 79 year old died of acute gastroenteritis on 27 June. Desai played a key role in introducing India to its first quartz watch in the late 80s when he set up Titan (part of Tata Sons), after enduring years of resistance from state-owned and now defunct HMT Watches.

Big Shoes To Fill
Yogesh Deveshwar, the longtime head of tobacco maker ITC, has decided to step down next year. The 69-year-old joined in 1968 and has run Asia’s second-largest tobacco company by market value since 1996. ITC, which has now diversified into many other consumer products, expanded rapidly under him, growing revenue tenfold while its shares soared more than 4,200 per cent.