India Inc appears to be gearing up for a new-look leadership team in the new financial year,as at least 22 companies announced changes in their various top positions today — the first working day of the current fiscal 2012-13.
The changes mostly relate to various director-level positions,while new appointments have been made for top posts like Chief Executive Officers (CEOs) and Managing Directors (MDs) as well in some cases.
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The companies that announced changes in their board-level or other top positions today included Firstsource Solutions,Suzlon Energy,Union Bank of India,BHEL,Tata Motors,HCL Infosystems,Honda Siel Power Products and Allahabad Bank.
Besides,entities like Great Offshore,Diamond Power Infrastructure,Indusind Bank,Balaji Telefilms,Smartlink Network Systems,MARG Ltd and Suryachakra Power also announced today the senior-level movements.
Other such companies included Diamines & Chemicals Ltd,GM Breweries,APW President Systems,Cimmco Ltd,Bodal Chemicals and Easun Reyrolle.
In addition,another entity Godrej Properties has seen a new chief,Pirojsha Godrej,taking charge in the new fiscal.
The salt-to-software conglomerate Tata Group would see its chief Ratan Tata being succeeded by Cyrus Mistry later this fiscal in December 2012.
Besides,a number of PSUs (public sector undertakings) could witness changes in various board-level positions,including top posts of Chairman and MDs,later this fiscal.
As per the Public Enterprises Selection Board (PESB),which is responsible for recruitment of senior-level positions at PSUs,a total of 49 vacancies need to be filled in the coming months at various public sector firms.
This include Director-level positions at Powergrid,Coal India,ONGC,Nalco,BSNL,HAL,Hudco,Shipping Corporation,PFC,Neyveli Lignite,NTPC and Engineers India Ltd.
Besides,PESB has got vacancies for the post of Chairman and Managing Director (CMD) at companies like MOIL Ltd,Heavy Engineering Corporation Ltd,STC,RITES Ltd,HSCC (India) Ltd,Fertilizers & Chemicals Travancore Ltd (FACT),Encore Port Ltd,Electronics Corporation of India Ltd,BEML Ltd,NBCC and Andrew Yule & Company Ltd.
Among the changes announced today,Union Bank of India said that D Sarkar has been appointed as its CMD and he has taken the charge with effect from April 1.
Subsequently,D Sarkar has ceased to be the director of Allahabad Bank,which also announced today appointment of Tilak Raj Chawla as a new Executive Director.
Solutions Ltd also announced that Alexander Matthew Vallance has resigned as its MD & CEO and would be succeeded by Rajesh Subramaniam with effect from May 16,2012.
At Balaji Telefilms,Anurag Gupta,CEO – Education,and Punyashlok Bhakta,CEO – New Media,have ceased to be associated with the company in these positions,pursuant to a sale of the company’s Media Education and Mobile content production business.
Suryachakra Power also announced resignation of P V Rao as a Director,while Vippy Industries has re-appointed Praneet Mutha as a Whole-Time Director.
Suzlon has announced resignation of Ajay Relan as a Director and appointment of Marc Desaedeleer as an Additional Director,while it has also reconstituted the Audit Committee and the Remuneration Committee of its board.
HCL Infosystems also said that Ajai Chowdhry has decided to step down from the position of Whole-Time Director,but would remain Non-executive Chairman of its board.
At Tata Motors,Carl-Peter Forster has ceased to be a Director,while GM Breweries has announced resignations of its directors,Celina William Almeida and John William Almeida. C Engineer has resigned as Executive Director of Great Offshore,but would continue in a Non-Executive role,while at BHEL,R Krishnan has assumed the charge as Director (HR) following superannuation of Anil Sachdev.
Smartlink Network Systems has appointed Bimal Raj as its new CEO,while Honda Siel Power Products announced four director-level changes: Takashi Nagai and Masato Saito have ceased to be directors,H Kanayama has been appointed as a Director and Vinay Mittal has been named Vice President & Whole-Time Director.
Diamond Power Infrastructure said that Ashwini Sahoo will be replaced by Karthik Athreya as a nominee director of Clearwater Capital Partners. At Indusind Bank,the eight-year term has ended of T Anantha Narayana as Director of the bank.
Diamines & Chemicals Ltd said that G G Chendwankar,a Non-Executive Director till March 31,2012,has been now designated as an Independent and Non-Executive Director.
At APW President Systems,Pramod Agashe has stepped down as Director and the Managing Director,while the company has appointed Dharanibabu (VP,Manufacturing Operation),as its Manager and Pankaj Sharma as an additional director.
Cimmco also announced resignation of Vinay Mohan as its Director (Corporate Affairs),while Easun Reyrolle Ltd said that Raj H Eswaran has been appointed as its MD. At Easun Reyrolle,JDN Sharma has retired as CEO,pursuant to which he has been inducted as a director on its board.
Besides,MARG Ltd has appointed S Ramasundaram as its new Company Secretary and Compliance Officer in place of S Sivaraman,while Bodal Chemicals said that Chirag G Shah has resigned as Company Secretary and Compliance Officer. Divya Nair has been appointed Compliance Officer of Bodal Chemicals.
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