Ashley Madison founder quits

Noel Biderman, founder and chief executive of dating site, Ashley Madison has stepped down on Friday, according to media reports. Until the appointment of next chief executive office, top management of the firm will look after the operations. It is noteworthy that around 33 million accounts were stolen from the dating website. 

Read the rest of this entry

Subramanian Sarma becomes CEO & MD of L&T Hydrocarbon

Mr. Subramanian Sarma has taken over as CEO & Managing Director of L&T Hydrocarbon Engineering Limited (LTHE), a wholly-owned subsidiary of Larsen & Toubro (L&T). He will be driving the L&T Group’s strategy of expanding its hydrocarbon business across geographies, particularly the Middle East. He has already been appointed to the Board of L&T as a Non-Executive Director.

Mr. Sarma will play a key role in adding thrust to L&T’s aspirations to grow the business in domestic and international markets. He will be based in the Middle East to enable close monitoring of key on-going projects and drive new business development.

“Mr. Sarma brings with him global experience and competence to drive our hydrocarbon business in India and abroad. With his international experience, he will be at the forefront of leading L&T Hydrocarbon in becoming one of the best in class global companies offering comprehensive EPC solutions across the spectrum – upstream, mid & downstream and pipelines,” said Mr. A.M. Naik, Group Executive Chairman, L&T.

“I have always believed that L&T Hydrocarbon is one of the most respected names in the industry and it will be my endeavor to enlarge its global footprint which will not only strengthen the brand but also make India proud. We will harness the talent and capabilities embedded in our system to ensure an exciting and rewarding future,” said Mr. Sarma.

Prior to joining LTHE, Mr. Sarma served as Managing Director of Petrofac - Onshore Engineering & Construction - and was responsible for the company’s onshore EPC projects worldwide. He has over 30 years of experience in the oil & gas industry, with the last 25 years being in the Middle East. Having joined Petrofac in 1997, he has handled the complete value chain including business development, process engineering, project management and execution. He is a post graduate in Chemical Engineering from IIT, Bombay.

Background:
L&T Hydrocarbon Engineering is a wholly-owned subsidiary of Larsen & Toubro. It delivers comprehensive engineering and construction solutions across the spectrum – upstream, mid & downstream and pipelines. With a network of international offices and facilities, it caters to clients in the Middle East and North Africa, India, South East Asia, Australia, CIS and the North Sea. L&T Hydrocarbon draws on over three decades of experience and expertise of the parent company in the hydrocarbon engineering and construction segment.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 15 billion in revenue. It operates in over 30 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for over seven decades.

Read the rest of this entry

LatestOne.com crosses Milestone of 1 Lac orders in a month

Hyderabad Aug 4: LatestOne.com has successfully crossed the milestone of processing 100,000 orders in a single month within one year of operations. Having commenced sales in Aug 2014 with 3,000 orders in the first month of business, LatestOne.com processed over 1 lac orders in Jul 2015. This further strengthens the position of LatestOne.com as the market leader in online sales of tech & mobile accessories. LatestOne.com receives 25% of orders from Mumbai-Pune, 20% from Delhi-NCR, 15% from Bengaluru and 40% from rest of India.

In the month of Jul, LatestOne.com received more than 1.0 lac visitors daily of which 35% are repeat visitors. Of the one lac orders received in Jul, 20% were placed by repeat customers buying second time or more. Customer Satisfaction levels are high, with replacements & refunds remaining below 1%. By stocking more than 10,000 SKUs in their warehouses, the company offers the widest range of products in the tech, mobile & tablet accessories space, which include covers & cases, audio-video & HDMI cables, blue-tooth devices, power banks, Mini PCs and others. The motto of the company is to offer timely delivery and full product satisfaction to the customers by taking order only for those SKUs, which are already stocked at the company warehouses. As the name suggests, LatestOne.com continuously innovates and introduces latest gadgets & accessories on their site. In the month of July LatestOne.com introduced Bluetooth virtual laser keyboards & Bluetooth paper planes. In August they will be introducing a new range of health bands & smart watches.

Further as a mark of celebrating this 1 Lac mark, Mr. Ameen Khwaja – CEO &; MD said “The company is launching a Flat 80% off sale on mobile and tablet accessories from 5th of August till 7th of August 2015. This 80% discount sale would be basically our way of showing gratitude towards our customers, who helped us reach this 1 Lac mark in such a short time. I also hope that many new customers take advantage of this big discount sale. It will be the largest of its kind in the country with 10,000 SKUs and more than 3.0 lac pieces offered on sale from a single store online.”

Read the rest of this entry

Manish Khera to be appointed as CEO - Airtel Money

New Delhi, 3rd August 2015: Bharti Airtel (“Airtel”), the 3rd largest mobile service provider globally, today said that Manish Khera, Co-founder & MD of YTS Solutions will be appointed as CEO of Airtel M Commerce Services Limited (AMSL), which offers Airtel’s flagship semi-closed wallet under the brand name ‘Airtel Money’. Once appointed, Manish will be a part of the Airtel Management Board and report to Gopal Vittal, MD & CEO of Bharti Airtel (India & South Asia).

Commenting on the appointment, Gopal Vittal said, “I am delighted to announce that Manish Khera will join AMSL as Chief Executive Officer. A trend-setter in the domain areas of financial inclusion, payments & banking, Manish combines the spirit of entrepreneurship with a passion for technology and commitment to serve millions. I am confident that his rich domain expertise will add immense value to our plans and help lead our mobile commerce and payments business to reach millions of underserved Indians."

Manish Khera said, “I was fortunate to go through the retail banking explosion in the early part of my career, and then to drive a host of financial inclusion initiatives in the country under the guidance of banking stalwarts. I am now excited at the opportunity of working with India’s largest telecom company and leading its vision of delivering a transformed m-Commerce experience for million across the country.”

Manish is a recipient of several honours, including “Young Global Leader-2011” by World Economic Forum, “Entrepreneur of the Year” by EY, and the “Forbes India Leadership Award – 2012” in the “Outstanding Start-up” category. Prior to founding YTS, Manish was MD & CEO of FINO Pay Tech Ltd, and earlier worked in ICICI Bank.

AMSL, the wholly owned subsidiary of Airtel also announced that it would integrate the payments and remittance businesses of YTS Solutions.

Airtel is India’s largest mobile operator with a customer base of over 230 million customers. It is also India’s largest rural mobile operator with over 100 million customers. The company’s network covers 4,30,000 towns and villages backed by 1.5 million distribution outlets. In 2011, AMSL had announced the launch of Airtel Money – India’s first prepaid mobile wallet by a telecom services provider. In January 2015, AMSL applied to Reserve Bank of India (RBI) for a Payments’ Bank License. Based out of Mumbai, YTS has been developing innovative financial products focused on mass market and micro-transactions. This acquisition will expand Airtel’s portfolio in the mobile commerce segment and bring in a host of new product capabilities targeted at migrants in urban cities and their families in rural towns and villages – thus strengthening Airtel’s long term commitment towards driving financial inclusion in India.

Read the rest of this entry

Airtel Digital TV achieves customer base of 10 million

Airtel Digital TV, the DTH arm of leading global telecommunications provider Bharti Airtel today announced that it has achieved the 10 million customer mark. The company achieved this milestone within a short span of 6 years. With an eye on innovation, the company has many first to its credit. Airtel Digital TV was the first to introduce the Universal Remote to the market along with value added services like Multi-lingual EPG, World's first USSD-based self-care facility on mobile among others, making it one of the fastest growing DTH companies in the country today.

Announcing the achievement, Shashi Arora, CEO - Airtel Digital TV said,“Innovation and customer satisfaction is core to our DNA. At Airtel Digital TV, we strive to empower our customers with superior television viewing experience by offering innovative & life enriching services backed with cutting-edge technology. As we look back, we take pride in the product and service innovations that we have brought to the industry. These offerings have not only helped increase customer stickiness but has also made us one of the fastest growing DTH companies today. We will continue to go this path and offer customers world class content and television viewing.”

A pioneering company, Airtel Digital TV is the first and only company to enable customers to record even on the standard definition set-top-box which can be done with the help of a simple USB storage drive enabling the high-end feature to be enjoyed by the masses. The recently launched Integrated Digital TV (iDTV) is yet another key innovation by Airtel. Pioneered in partnership with leading TV manufacturer, the iDTV technology miniaturized set-top-box into a small yet efficient smart card that fit directly at the back panel of television sets with minimal wiring and a single remote thereby offering customers a superior & world class experience.

Read the rest of this entry

Brijesh Parnami, CEO, Destimoney Advisors speaks on Union Budget

The FM has presented the first full year budget.

A big relief for NBFCs is their inclusion under the SARFAESI Act. NBFCs with assets of Rs.500 crore and above have now the opportunity to use SARFAESI Act against wilful defaulters. This was a much needed level playing field required for NBFCs. The NBFC of course should be registered with RBI.

Housing for all objective focussed at year 2022 sounds more rhetoric. However, if implemented seriously, this would mean 6 crore more houses to be built of which 4 crores would be in rural and 2 crore in urban. With the supply going up, this could put pressure on the real estate prices. On the investment side, the FM has encouraged Real Estate Investment Trusts by rationalising the capital gains at the time of exit. This should help unlock funds which could be further used in other projects.

On the whole, This is a positive budget. It is indeed growth oriented. After having relaxed the norms in the earlier budget for individual tax payers, with further relaxations on medical, increase in transport allowance limit etc. the FM has tried to reach out to the middle class. The phased reduction of Corporate tax rates from 30% to 25%, over a period of 4 years, is indeed welcome.

There has been an attempt to focus spends on sectors that have a higher multiplier effect on the economy. The announcement that GST will get implemented from 1st April 2016 should be a great encouragement to the industry. The gold monetisation scheme could help in making the gold market more dynamic in the country. Attempts to strengthen the social security net through Universal Social Security System and Atal Pension Yojana are steps in the right direction. The implementation though needs to be seen.

Read the rest of this entry

Doha Bank CEO Honored as “Banking Innovator” at the Indian Innovator Awards

Doha Bank CEO Honored as “Banking Innovator” at the Indian Innovator Awards 

Dubai, United Arab Emirates Dr. R. Seetharaman, Group CEO, Doha Bank, the leading private commercial Bank in Qatar, was distinguished as a ‘Banking Innovator’ at this year's Indian Innovator Awards, Entrepreneur of the Year. The Award function was held at Westin Dubai, on December 09, 2014. Leading Entrepreneurs and Bankers from GCC participated in this event.


Speaking at the event Dr. Seetharaman gave insight on Global and regional economy. He said, “The US economy continues to recover and the dollar index has all reached all time highs recently which acknowledge the same. Japan and Eurozone struggle to recover. The slowdown in Chinese economy has also created concerns in financial markets. The GCC capital markets had fallen recently on account of fall in oil price after no action in the OPEC meeting. The Indian economy is reflecting confidence under the new government and the inflation pressures are easing.”

Dr. Seetharaman gave insight on business and technology trends in the Banking industry. He said “The costs of regulation and competitive pressures will lead to industry consolidation. Technology has transformed the way we bank and is one of the main drivers behind the accelerating pace of innovation in this sector. Online banking, mobile banking, chip and pin have now become part of our way of life for everyday banking. New non competitors have emerged in the financial services industry. Some of them include Walmart, Deutsche Postbank AG, La Banque Postale and Virgin Money. Online banking, payments, personal and business financial planning and credit are just a few of the areas targeted by such firms.”

Dr. Seetharaman gave his outlook on GCC Banking Sector. He said “Banks in the UAE have been prime beneficiaries of a revival in which the economy grew by more than 4 per cent last year as interest rates reached new lows and credit growth rebounded. In Saudi Arabia, private sector lending had grown by more than 11 per cent till Sept 2014. Public Sector lending had gone up by close to nine per cent till September 2014. In September 2014, Saudi Arabia's Bank watchdog introduced new regulations that cap retail lending and curb the fees that lenders can charge. In Oman, Lending grown is close to nine per cent till September 2014. Banks are trying to offset lower margins through additional fee generation. Banks lending to the private sector grew close to four per cent YTD till September 2014. In Qatar lending growth is more than ten per cent till Sept 2014.The Retail, Contracting and services sector are the key sectors which contribute to growth in 2014.”

Dr. Seetharaman highlighted the impact of digital banking. He said, “Digital Banking will be new channel to improve revenue growth and cross sell. The financial institutions will aim to improve customer experiences through innovative offerings in digital banking. Banks must connect with their customers every day. To be successful in the market, banks must engage every day, and to do this they must also promote and sell non-financial services. The bank can invites customers through social media channels and make customers emotionally involved. Social network enables Bank to be in close touch base with customers. Local GCC banks appear well positioned to build on a solid online banking trend. The digital banking has revolutionised Bank customer relationships.”

Dr. Seetharaman gave insight on Cyber security and related risk management. He said “Technology has increased many of the traditional Information security risks associated with banking activities. With the significant change on how Bank’s do business these days the rules have changed and the information security risks are greater than ever. The risks have further compounded today due to Privacy concerns, Vulnerabilities, Cyber terrorism, Insider Sabotage, Mobile Computing, Wireless Access and Spyware. Regulations are undergoing change to support managing Information Security Risk for financial institutions. Many Banks have established information security function, as part of its key functions and formed Information Security Councils, supported by the Bank’s executives. Bank’s introduce new Policies and Standards that addresses the dynamic nature of Information Security.”

Read the rest of this entry

Nine CEOs Who Are Stripped Off From Their Thrones

The recent CEO calamity has again warmed up the discussion about judging the ability of CEOs of major corporations. The founders’ traits are the most important pillar of a company and its reputation and as one of the Professors of University of Tennessee says – monopoly "can lead to behavior that is inappropriate."

We brought you the stories of some such CEO, who are stripped off from their thrones due to some such traits. Ok! Let’s start with the recent ones –

Phaneesh Murthy, iGate – The news is still afresh in most media channels as the former CEO of iGate is being trialed for sexual harassment case in iGate. Phaneesh Murthy, an IIT-IIM alumni and an Indian tech businessman, had grown into one of the eminent personalities of International Tech industry. But with the harassment case on neck, he is now stripped off from the CEO position.

Fall of China’s Sun King Shi Zhengrong – Founder of China’s largest solar-power maker Suntech Power Holdings Co Ltd, Shi Zhengrong, also known as the Sun King of China, had a tough 2013 when he was been forced by Suntech Board to step down from CEO post. Suntech has a debt of US $2.2 Billion debt and recently filed Bankruptcy protection.

Carol Bartz, Yahoo – After been assigned the CEO of Yahoo, Carol applied the cost-cutting approach and some new direct approaches in work. The implements were seemed right but risky and predicted the destruction of Yahoo. Even Carol promised that Yahoo will revive and needs a bit of time; Yahoo never regained its popularity during her tenure. At last she was fired from her post.

John Browne, British Petroleum – A famous name in Britain, John Browne was insisted into the CEO post of BP to mark the ‘green’ energy brand. John Browne was forced to stand down from CEO position after the allegations about his relationship with his male partner and of misusing the company funds. While it was previously state that he will resign from his post in 2008, he was forced to resign in 2007 after his romantic life got public in newspapers.

Leo Apotheker, Hewlett Packard – Even failing at SAP with strategic decisions, Apotheker had been appointed as CEO of HP in a crunchy condition. HP’s fate never changed under Apothker and its stock value declined by 40% during his tenure. At last he was forced to resign and replaced by ebay’s Meg White.

Harry Stonecipher, Boeing Co – Surrounded with many scandals from its previous employment, Harry joined Boeing Co. giving up his retirement life. Under his tenure Boeing Co. did see good days, but his relationship with a Boeing employee had shown him the way out. Boeing Board directors requested him to resign in 2005.

Mark Hurd, HP – After his relations with TV reality actress Jodie Fisher were public, the then Hewlett Packard CEO Mark Hurd was voted to left the position and the company. The decision has been criticized by many, as Mark Hurd was the finest CEO for HP and revived it in short period.

Kenneth R. Melani, Highmark – One of the finest and powerful health insurance executives in USA, Kenneth has been terminated from the position of CEo of Highmark, due to the allegations of domestic dispute and criminal trespass. After Kenneth left the company, the credit rating of Highmark declined drastically.

Richard Grasso – Former New York Stock Exchange (NYSE) CEO Richard Grasso resigned under the pressure of the then New York government. He had been forced to resign from his position in the allegations of $140 million NYSE compensation pay package controversy.

Read the rest of this entry

Eight Indian CEOs among 100 Best Performing CEOs on HBR’s list

Harvard Business Reviews has published its scorecard rating the 100 best performing CEOs around the world which of them most belongs to USA, China, Europe and India. Harvard started collecting CEO feedbacks from 2012 January-February and system to evaluate the CEO performance during their tenure in the office. The basis of this evaluation are long-term performance of the CEO (from first day to last day on that position), global growth of company during his tenure, reputation, survey results, share performance, and some other metrics like sales, profitability and celebrity status.

Harvard has released the list of 100 CEOs and eight Indian CEOs have made it, among which two are in Top 20. Y.C Deveshwar, who is at 7th position, is the CEO of ITC from 1996 and ITC has witnessed +45 billion market capitalization due to his efforts. On the 13th position is the late CEO of Oil and Natural Gas Corporation (ONGC), Mr. Subir Raha. He held the position from 2001 to 2006 and during his tenure ONGC had have +57 billion market capitalization with more than 700% shareholder returns. Other Indian CEOs who made the list are: Reliance Industries Limited’s Mukesh Ambani on 28th, Larsen and Toubro's A M Naik on 32nd, BHEL's A K Puri on 38th, Bharti Airtel's Sunil Bharti Mittal on 65th, Jindal Steel and Power's Naveen Jindal on 87th and Steel Authority of India's V S Jain on 89th.

Please click the below link to view or download the 100 CEOs who made to the list.
100 Best CEOs of the World- Harvard Business Reviews List

Read the rest of this entry