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BW Businessworld

Scaling The Heights

Former Spencer Retail executive Ramesh Menon has joined Shoppers Stop’s hypermarket chain HyperCity Retail as the new CEO.

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India-born Sundar Pichai is now America’s highest paid CEO. The 43-year-old chief executive of Google was catapulted to the league of top 10 highest-paid bosses on Forbes list after Google’s parent company Alphabet Inc. awarded him restricted stock worth about $199 million. He has received 273,328 Class C shares, according to a filing with the US Securities and Exchange Commission. Pichai’s total stock value now sits at about $650 million, which is still less than the net worth of Google’s founders Larry Page and Sergey Brin.

Not Time Yet
There’s no respite for Peter Mukerjea yet. Arrested in the Sheena Bora murder case, the former media baron’s bail plea has been rejected by a special CBI court which observed that a chargesheet was yet to be filed and investigations in the matter were still on. Judge H.S. Mahajan maintained that since the case was still under investigation, it’s not the right stage to grant bail. The bail plea will be considered once a chargesheet is submitted, the judge said.

Cut Loose
Weeks after the top-level rejig at India’s largest e-commerce company Flipkart, head of commerce and advertising business Mukesh Bansal has quit. Bansal, who joined Flipkart when the online marketplace acquired fashion etailer Myntra in 2014, has ceded his control of Myntra to CEO Binny Bansal and will stay with the company for two more months for smooth transition of business to Binny. Mukesh plans to take a break from work for the next three to six months to spend time with family .

Logged Out
Kirthiga Reddy, managing director of Facebook India, has quit the social networking firm to relocate to California. This comes at a time when Facebook Inc. is winding down its Free Basics programme aimed at proving free but limited Internet access to people in the country after the Telecom Regulatory Authority of India barred differential data pricing. “When my family relocated to India, we knew that we would move back to the US some day. It’s a bittersweet moment to share that the return timeframe is coming up in the next 6-12 months,” she said in a Facebook post.

On A Roll
Vinita Gupta, CEO of Lupin — India’s third largest pharmaceutical company by sales — and brother Nilesh Gupta, the firm’s managing director, have been named the EY Entrepreneur of the Year. Ernst & Young said the duo was felicitated for bringing about “a phenomenal transformation at Lupin with spectacular growth in global and domestic markets”.

Big Move
Former Forward Markets Commission chairman Ramesh Abhishek, who was in race for the top job at Sebi, has been appointed as secretary in the Department of Industrial Policy and Promotion. Presently posted in the cabinet secretariat as secretary (performance management),he will take over the charge from incumbent Amitabh Kant, who retires this month-end.

Sporty Baron
Chairman of RP-Sanjiv Goenka Group Sanjiv Goenka, who recently bought the Pune franchise of the Indian Premier League, is keen to expand the group’s presence in sports. The group will be opening a football academy and possibly acquiring an international football club in the future. Besides, owning Rising Pune Supergiants, he also co-owns the Indian Super League team Atletico de Kolkata.

Swift Shuffle
Former Spencer Retail executive Ramesh Menon has joined Shoppers Stop’s hypermarket chain HyperCity Retail as the new CEO. He is replacing Vipin Bhandari’s place who quit HyperCity sometime last year. The big-box retail chain was operating without a CEO for almost a quarter now. Menon becomes the third CEO at HyperCity in the last 20-odd months.