Gautam Adani tops Forbes India 2022 list of 100 richest Indians

No surprises there – Gautam Adani bagged the top spot on the Forbes India 2022 list of India’s 100 richest. The Adani Group head has a net worth of $150 billion (Rs1,211,460.11 crore); he is also the third richest billionaire globally. Mukesh Ambani, chairman and MD of Reliance Industries, was placed second-his current net worth of $88 billion (Rs710,723.26 crore) is reportedly down by 5% compared to last year. In third place is Radhakishan Damani, owner of the DMart chain of supermarkets, with a fortune of $27.6 billion (Rs222,908.66 crore). Cyrus Poonawalla, chairman of the world’s largest vaccine manufacturing company - Serum Institute of India, is placed fourth, with a net worth of $21.5 billion (Rs173,642.62 crore). Shiv Nadar, chairman emeritus of HCL Technologies, came in at fifth spot with a net worth of $21.4 billion (Rs172,834.97 crore). This year he had also donated $662 million to education-related causes. At spot number six is Savitri Jindal, Chairperson Emeritus of O.P. Jindal Group, with a net worth of $16.4 billion (Rs132,452.97 crore). She is also the only woman billionaire in the top ten list. Dilip Shanghvi of Sun Pharmaceuticals, is placed seventh with a net worth of $15.5 billion (Rs125,184.21 crore). Hinduja brothers, Srichand, Gopichand, Prakash and Ashok, came in at the eighth spot with a fortune of $15.2 billion (Rs122,761.29 crore). Kumar Mangalam Birla, chairman of the Aditya Birla Group, is placed ninth with a net worth of $15 billion (Rs 121,146.01 crore). At number ten is the Bajaj family, owners of the Bajaj Group, with a net worth of $14.6 billion (Rs117,915.45 crore).

New appointments at HDFC Bank

In its regulatory filing, HDFC Bank informs that Kaizad Bharucha has been re-designated from his current position of executive director (ED) (whole-time director) to deputy managing director of the Bank for a period of three years or such other period as may be approved by RBI. While Bhavesh Zaveri has been appointed as ED (whole-time director). Bharucha, with more than 35 years of experiences as a banker, has been associated with HDFC since 1995. Prior to this, he worked in SBI Commercial and International Bank, in areas including trade finance and corporate banking. In his current position as ED, he oversees wholesale banking. His extensive experience lies in risk management, credit management, banking and business management. Zaveri-group head of operations, cash management and ATM product at HDFC Bank-has a total experience of more than 36 years. He has helmed important functions including operations, cash management and technology at the bank. He previously worked for Oman International Bank and Barclays Bank. The merger of HDFC Bank and its home loan major HDFC, is expected to happen in 2023. This November, both HDFC and HDFC Bank held general meetings to seek shareholder approvals for the merger. At over $40 billion, it is pegged to be the largest merger in Indian corporate history. The merger is expected to expand the capital adequacy ratio of the merged entity by 0.20-0.30 per cent, courtesy the healthy capital adequacy of HDFC Ltd.

Ashok Jade

New global CIO at Kirloskar Brothers

“I’m taking on a challenging and exciting new role. It is always a pleasure to work with the Kirloskar Brothers. At the leadership level, digital-first is the focus, and I anticipate a successful inning here,” said Ashok Jade, who has been appointed global CIO at Kirloskar Brothers, with headquarters in Pune. Jade was previously group CIO at Spark Minda. Pump manufacturing company Kirloskar Brothers Limited (KBL) specialises in the engineering and production of fluid management systems. Founded in 1888 and incorporated in 1920, KBL, the group’s flagship company, produces industrial, agricultural, and domestic pumps, valves, and hydro turbines. In addition, it provides integrated fluid management solutions for large infrastructure projects in water supply, power plants, irrigation, oil and gas, marine, and defence. As global CIO, Jade will also drive the organisation’s digital agenda for Indian and international businesses, as well as the digital transformation for go-to-market, Industry 4.0, CRM, ERP, Product engineering process automation and other initiatives. His responsibilities include, bringing innovation to products that are aligned with business goals. Among his top priorities will be cybersecurity regarding IT as well as OT, and Industry 4.0. He intends to build a high-performing and enthusiastic technology team from existing and new resources. With more than 25 years of IT experience, Jade has played a key role in supporting businesses with digital transformations. Leading large-scale initiatives in Industry 4.0, ERP, CRM, channel network systems, IT strategy, and IT governance, his achievements include improving the topline, P&L, and working capital.

Zomato faces a string of resignations

After four and a half years, Zomato co-founder, Mohit Gupta, has resigned from his post at the online food delivery platform. In 2020, Gupta had been elevated to the designation of co-founder from the position of CEO. In his message sent to Zomato, which was shared on the BSE, by the company, he said he was deciding to move on from Zomato to seek the other unknown adventures that life holds for me. Gupta had not been designated as key managerial personnel under the Companies Act, 2013 and the listing regulations, Zomato revealed, while voluntarily disclosing his resignation. Gupta’s resignation from Zomato is the third high-profile exit from the company’s roster in a few weeks. Earlier, the head of new initiatives at Zomato, Rahul Ganjoo had resigned. Ganjoo’s departure had come on the heels of the resignation of Siddharth Jhawar, who headed Intercity Legends, the company’s inter-state delivery service. Ganjoo had joined Zomato in 2018 as head of food delivery. Zomato reported that its net loss had reduced to Rs251 crore for the July-September quarter. In the corresponding period in the previous financial year, it had registered a loss of Rs429.6 crore. This was also the first quarter when its annualised revenue crossed the billion-dollar mark. Softbank, the Japanese tech investor, had initially invested $309 million in Zomato. At the end of the September quarter, its investment value was $220 million. Softbank incurred a total loss of $576 million for the September quarter with regard to its shareholding in Paytm and Zomato.

Vidhya Srinivasan

Vidhya Srinivasan is new Eicher Motors’ CFO

Eicher Motors has appointed Vidhya Srinivasan as its Chief Financial Officer. In her career spanning more than 24 years, Srinivasan has worked in key positions with companies like Bata, Puma, Aditya Birla Retail, Glenmark Pharma. A qualified chartered accountant (1993), she holds a post-graduate diploma in business administration from IIM Ahmedabad (1997), before which she earned her Bachelor of Commerce degree from University of Madras (1990). Before joining Eicher Motors, she was director - finance, and chief financial officer at Bata India. In her role at Bata, she focussed on financial planning, overall governance and compliance, and profitable business expansion. Prior to Bata, she served as executive director - finance, legal & IT and chief financial officer at Puma Sports India. She was part of the management team responsible for driving enterprise growth and new business opportunities at Puma. Responsibilities she handled included digital growth opportunities, streamlining commercial processes and technology initiatives. The listed auto company Eicher Motors is the parent of Royal Enfield, which is the oldest motorcycle brand in continuous production. It reported a growth of 76% year-on-year (y-o-y) in consolidated net profit at Rs657 crore. This has been the company’s highest-ever quarterly profit, for three months to September on the back of handsome volume. The total revenue from operations increased 56% y-o-y at Rs3,519 crore in the September quarter. This was also the highest-ever quarterly revenue for Eicher Motors.

Arvind Agarwal

Nykaa CFO, Arvind Agarwal moves on

On 22 November, beauty e-retailer, Nykaa owner - FSN E-Commerce Ventures Ltd, announced that its chief financial officer (CFO), Arvind Agarwal has resigned. The regulatory filing said that the company was in the process of appointing a new CFO. Agarwal had joined Nykaa as the company’s CFO in July 2020. Commenting on his decision to resign, he said, “It has been great to be a part of the incredible Nykaa journey thus far. All my learning and experiences to date, have set me up for pursuing different personal growth opportunities in the digital economy and start-up space.” Falguni Nayar, Nykaa founder and chairperson, acknowledged the “critical role” Agarwal has played in the company’s emergence as a listed and profitable start-up. Agarwal’s resignation from Nykaa follows the ending of the company’s lock-in period on 10th November, which allows promoters and investors to liquidate the pre-IPO securities that they hold. At the end of the restricted period, nearly 67% of Nykaa’s shareholding was released from lock-in. Narotam S Sekhsaria, Mala Gaonkar and other high net worth individuals, as well as PE/VC funds like Lighthouse India, have sold part of their holdings in the company. The outgoing CFO, Agarwal reportedly held 1, 20,000 employee stock options as on the date of draft red herring prospectus for the initial public offering last year. In financial year 2021, he was paid a total remuneration of Rs19.58 million.

Unmesh Pawar

Unmesh Pawar chosen as chief people officer for Dentsu

“It is a huge opportunity for me to build a talent-powered capability that is distinctively local. This is a fantastic opportunity to grow and deliver innovation and value, and nurture talent as we instill new levels of pride amongst our employees,” said Unmesh Pawar, who has been appointed by advertising and marketing agency, Dentsu, as its chief people officer for India & South Asia. Pawar will report to Dentsu’s Luke Speers, chief people officer for the Asia Pacific region, and Peter Huijboom, Dentsu’s interim CEO in India. Dentsu said, Pawar will work towards improving the network’s employee experience and value proposition, stepping up its efforts to design an organisation that delivers against the changing needs of clients in the fast-moving economy. Pawar comes with around 25 years of experience in human resources. Having worked with companies like Accenture, Mastek, Tata, and Peerless, he has designed and deployed talent management practices. His last role was chief people officer for KPMG. Forecasts by some top media agencies, including Dentsu, of Indian advertising expenditure growth for the calendar year 2023, remain buoyant despite a slowdown in startup advertising in the country.

Aseem Kaushik

L’Oreal names Aseem Kaushik as India MD

L’Oreal, the French personal care company, has announced the appointment of Aseem Kaushik as its managing director for India. He succeeds Amit Jain, who has decided to retire by the end of this year. The statement from L’Oreal India, a wholly-owned subsidiary of L’Oreal SA, added that Jain will assume the role of chairman for L’Oreal India. Kaushik has held multiple leadership positions within the group over his 27 years with the company. His most recent assignment was leading international teams in the professional products division (PPD). He takes over the reins from Jain, who had joined L’Oreal India in June 2018 as country managing director. His 30 years of experience includes working with companies like ICI, Coca-Cola, Viacom, and Akzo Nobel. Over his 4.5-year tenure at L’Oreal, Jain is credited with doubling the growth of the company and taking it to a position of strength. The statement from L’Oreal made special mention of his notable “building of strong local leadership and evolving new digital capabilities to accelerate eCommerce.” Passing on the baton to Kaushik, Jain said, “Kaushik was one of the pioneers who set up new businesses and paved the foundation of growth for L’Oreal in India today. I am delighted to welcome him back following his assignments abroad and pass on the reins to him.” There are 16 popular brands under the umbrella of L’Oreal India, these include L’Oreal Paris, Garnier, Maybelline New York, NYX Professional Makeup, L’Oreal Professionnel, Matrix, Kiehl’s, Lancome, Yves Saint Laurent, Giorgio Armani, Ralph Lauren, Diesel, Mugler & Azzaro.

Rohit Johar

Amazon India appoints new HR director

Rohit Johar has been confirmed as HR director, India, by US-based e-commerce giant Amazon. He shared the same on social media, posting on LinkedIn, “I’m happy to share that I’m starting a new position as HR Director India at Amazon!”. Johar comes with diverse leadership experience across human resources, digital transformation, operations and M&A integration driving value for clients, business, and employees. Over two decades, he has displayed the ability to lead and inspire large global teams with a track record of aligning business and human capital priorities impacting business outcomes. Prior to joining Amazon, he completed more than ten years of service with Genpact. Here, he worked in various capacities including vice president, global HR leader, banking and financial services. Holding a Bachelor’s degree in Industrial Relations, Economics & Sociology from St Joseph’s College Arts Science, Bangalore, he went on to graduate in Marketing, and Human Resources management from the Faculty of Management Studies, Jabalpur. He had started his career in 1999 at Goodricke Group, where he worked for more than five years. Recently, it made news that Amazon managers have reportedly been told to assess the work performance of employees, so that the company can allegedly start the layoff process of about 20,000 people. The company is supposedly on track to fire employees across several regions, including distribution centre workers, technology staff and corporate executives. The layoffs are supposed to take place in the coming months.