Back in Focus
Nandan Nilekani is back at Infosys as its non-executive chairman, an initiative welcomed by the company's beleaguered investors. "I am happy to return to Infosys, now in the role of non-executive chairman, and look forward to working with my colleagues on the board and in executive management on the business opportunities we see before us and delivering benefits to our clients, shareholders, employees and communities," he said in a statement. Nilekani had left Infy in 2009 and even refused co-founder N.R. Narayana Murthy's request when the company was looking for a Chief Executive in 2013. But after the not-so-unexpected turn of events, which saw the first-ever non-founder CEO Vishal Sikka resign following a tussle between Narayana Murthy and the board members, he decided to rejoin the IT behemoth. Nilekani would also help bring in a new CEO, undoubtedly a tough task after Sikka's stormy exit.
It had been a busy week for RBI Governor Urjit Patel. The central bank recently announced its annual report for FY16/17 which revealed that close to 99 per cent of the demonetised currency came back into the system. It also sent a second list of defaulters to banks so that companies could be tried at the National Company Law Tribunal if debt resolution does not happen within the next three months. As per reports, the list includes companies operating in power, tele-communication, steel and infrastructure sectors. In June this year, RBI had identified 12 top defaulters and asked the banks to initiate insolvency proceedings against them.
Raghuram Rajan is releasing a book on his experience as the RBI Governor, a challenging time when he saw many ups and downs. Rajan took over when the rupee was at an all-time low, was applauded for stemming the rot and not giving in to the government's pressure to cut rates. He, however, decided not to stay for a second term after verbal attacks from a politician. The book titled I Do What I Do will be released in September and will reflect on those times.
A New Journey
Former Expedia CEO Dara Khosrowshahi has taken over as the new CEO of cab aggregator Uber. The company was looking for a new chief after Travis Kalanick had to step down under pressure from its biggest investors. Uber announced the new joining in a letter to employees, saying, "We are really fortunate to gain a leader with Dara's experience, talent and vision." Khosrowshahi, an Iranian immigrant, led Expedia since 2015 and earlier worked with the media and Internet company IAC. He has a tough task at hand as he is joining the company at a time when it is embroiled in legal battles all over the globe and has drawn flak for its toxic workplace culture.
In a major bureaucratic rejig, the government has brought in a number of key people for some of the top jobs. Rajiv Mehrishi, who recently retired as the Union Home Secretary, has been given the post of Comptroller and Auditor General while Rajiv Bansal has been named as the Interim Chairman and Managing Director (CMD) of Air India for three months. Bansal, an Additional Secretary and Financial Advisor to the petroleum ministry, got the position after former CMD Ashwani Lohani moved to the Railways Board.