With the beginning of the new financial year, India Inc. appears to be gearing up for a new-look leadership team. At least 22 companies announced changes in their various top positions. 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. 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.
The salt-to-software conglomerate Tata Group would see its chief Ratan Tata being succeeded by Cyrus Mistry later this fiscal in December 2012. D Sarkar has been appointed as the CMD of Union Bank of India with effect from April 1 while Tilak Raj Chawla has been appointed the new Executive Director of Allahabad Bank. Firstsource 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.
Apart from these, entities like Great Offshore, Diamond Power Infrastructure, IndusInd Bank, Balaji Telefilms, Smartlink Network Systems, MARG Ltd and Suryachakra Power have also announced senior-level movements.
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.
Source: The Economic Times