Roundup: People who made news last fortnight
Starring: Raghuram Rajan, Ravneet Gill, Karl Slym, Claus Heckerott, Aijaz Tobaccowalla
Raghuram Rajan, Chief Economic Advisor
Mission Impossible
With his prescient thoughts and willingness to swim against the tide, Raghuram Rajan , professor at the University of Chicago Booth School of Business, is soon expected to take on the role of India's Chief Economic Advisor.
Candour, missing these days in the corridors of power, is his trademark. In 2005, Rajan pointed out structural fault lines in the US financial system at a conference to celebrate Alan Greenspan's innings as the head of the country's central bank, the Federal Reserve. Rajan's speech did not go down well with the Americans, but was well received by the Europeans. The incident highlights a striking feature of his personality - the ability to be candid even if it carries the risk of being a party pooper.
Rajan's stature as an economist came to the attention of a wider audience when he was awarded the inaugural Fisher Black Prize in January 2003 by the American Finance Association. The prize is given to a person under 40 who has contributed most to theory and practice in finance. He was also chief economist at International Monetary Fund (IMF) between 2003 and 2006.
Rajan's career graph does not surprise people who studied with him at IIT Delhi (1985 batch) and IIM Ahmedabad (1987 batch). A batchmate from Ahmedabad says: "I can't remember one single darn thing at which he was only average." It was not just in academics that he shone; Rajan was a top-notch quizzer and more than a handful on the cricket field and tennis court, the batchmate adds.
Rajan is an old hand when it comes to a deeper understanding of India's financial problems. He has been an honorary economic advisor to Prime Minister Manmohan Singh for nearly four years. He also wrote a report on easy-to-do reforms in the financial sector for the government in 2008, which was largely ignored.
This begs the question: why join a politically hamstrung government that might not be able to act on his suggestions? It may not be just frustration that Rajan has to contend with. He would also have to forego financial benefits from being an advisor to Moody's and BDT Capital. The latter have the potential to contribute between 10 and 20 per cent of his annual income in 2012, he disclosed on his university web page.
Rajan may have ideal credentials as an advisor, but the circumstances are far from promising. There was no confirmation of his appointment at the time of going to press, but in response to an email, he responded with typical candour: "I have told people from the press that I cannot talk until I learn more about ground realities and issues."
-Sanjiv Shankaran
On Front Foot
As the new head of Deutsche Bank India, Ravneet Gill does not have a tailor-made task. The tough operating environment, compounded by a flat stock market and slowing capital expenditure in the corporate sector, is a worrying prospect for him. "There are opportunities in transaction banking, specifically in trade finance," says Gill, who replaced the high-profile Gunit Chadha, in his first interview after taking charge. In more than two decades with the German bank, Gill has mastered the art of expanding the client base. "We are looking to invest in every single business segment in India," says Gill, who holds a Masters degree from Delhi University. On the broader issues confronting the country, Gill, an art collector and a cricket enthusiast, sympathises with the government, which is facing all kinds of challenges. He may have to adjust to some compromises on the banking field, too. About playing cricket, Gill says with a grin: "I wish it was more often."
-Anand Adhikari
Slym Fit
Karl Slym will take charge of Tata Motors from October, replacing P.M. Telang. He will be the first Managing Director at the company in a long time who will not have Ratan Tata's shadow looming over him. Tata has been Chairman of Tata Motors (formerly Telco) since 1988, and continued to take a personal interest in the company even after he became group chairman in 1991. During the development of the Nano, Tata would make it a point to test-drive prototypes at Pune every month. Slym, who headed General Motors in India for four years before moving to GM China, will not handle Jaguar Land Rover, but the rest of the Tata Motors businesses, in India and overseas, will report to him
-Suman Layak
It's all about work
Few know that Claus Heckerott, who is busy dealing with Indian authorities on the Rs 870-crore commercial irregularities at Reebok operations, was among the first to spot the discrepancy. Back then, he was the commercial finance head for the sales subsidiaries of the Adidas Group, which owns the Reebok brand. But it is not as if he's always been bound by the straight and narrow view of accounts. "I started my career with PwC, but I shifted to NEC in Munich and then quit and joined Mark Anthony Group, one of the largest wine distributors in Vancouver that's also behind the Mike's Hard Lemonade brand," he says.
Fondness for Germany brought him back: "I sobered up and took the offer from Adidas as it also matched my desire to go back," he says. Though he has been to India twice before, this time it's all work. "I do not have the time to go around," he says. As Managing Director (Market India), Adidas Group, Heckerott is now in the midst of offering a golden handshake to at least 200 employees here and is also restructuring the business for better efficiency.
-Shamni Pande
Pfizer India's New Face
At a time when global pharma majors are keen on strengthening their presence in emerging markets, including India, Aijaz Tobaccowalla, 45, with vast experience acquired in the US, Europe and Asia, has returned to his home town, Mumbai. On August 16, he took over as the new Managing Director of Pfizer India. Tobaccowalla, an avid golfer, is regarded in the company as a business strategist who has designed solutions and delivered consistent results globally in several areas, including business intelligence, sales force automation, and R&D systems, among other things.
-E. Kumar Sharma
With his prescient thoughts and willingness to swim against the tide, Raghuram Rajan , professor at the University of Chicago Booth School of Business, is soon expected to take on the role of India's Chief Economic Advisor.
Candour, missing these days in the corridors of power, is his trademark. In 2005, Rajan pointed out structural fault lines in the US financial system at a conference to celebrate Alan Greenspan's innings as the head of the country's central bank, the Federal Reserve. Rajan's speech did not go down well with the Americans, but was well received by the Europeans. The incident highlights a striking feature of his personality - the ability to be candid even if it carries the risk of being a party pooper.
Rajan's stature as an economist came to the attention of a wider audience when he was awarded the inaugural Fisher Black Prize in January 2003 by the American Finance Association. The prize is given to a person under 40 who has contributed most to theory and practice in finance. He was also chief economist at International Monetary Fund (IMF) between 2003 and 2006.
Rajan's career graph does not surprise people who studied with him at IIT Delhi (1985 batch) and IIM Ahmedabad (1987 batch). A batchmate from Ahmedabad says: "I can't remember one single darn thing at which he was only average." It was not just in academics that he shone; Rajan was a top-notch quizzer and more than a handful on the cricket field and tennis court, the batchmate adds.
Rajan is an old hand when it comes to a deeper understanding of India's financial problems. He has been an honorary economic advisor to Prime Minister Manmohan Singh for nearly four years. He also wrote a report on easy-to-do reforms in the financial sector for the government in 2008, which was largely ignored.
This begs the question: why join a politically hamstrung government that might not be able to act on his suggestions? It may not be just frustration that Rajan has to contend with. He would also have to forego financial benefits from being an advisor to Moody's and BDT Capital. The latter have the potential to contribute between 10 and 20 per cent of his annual income in 2012, he disclosed on his university web page.
Rajan may have ideal credentials as an advisor, but the circumstances are far from promising. There was no confirmation of his appointment at the time of going to press, but in response to an email, he responded with typical candour: "I have told people from the press that I cannot talk until I learn more about ground realities and issues."
-Sanjiv Shankaran
Ravneet Gill, CEO, Deutsche Bank India
As the new head of Deutsche Bank India, Ravneet Gill does not have a tailor-made task. The tough operating environment, compounded by a flat stock market and slowing capital expenditure in the corporate sector, is a worrying prospect for him. "There are opportunities in transaction banking, specifically in trade finance," says Gill, who replaced the high-profile Gunit Chadha, in his first interview after taking charge. In more than two decades with the German bank, Gill has mastered the art of expanding the client base. "We are looking to invest in every single business segment in India," says Gill, who holds a Masters degree from Delhi University. On the broader issues confronting the country, Gill, an art collector and a cricket enthusiast, sympathises with the government, which is facing all kinds of challenges. He may have to adjust to some compromises on the banking field, too. About playing cricket, Gill says with a grin: "I wish it was more often."
-Anand Adhikari
Karl Slym, MD, Tata Motors
Karl Slym will take charge of Tata Motors from October, replacing P.M. Telang. He will be the first Managing Director at the company in a long time who will not have Ratan Tata's shadow looming over him. Tata has been Chairman of Tata Motors (formerly Telco) since 1988, and continued to take a personal interest in the company even after he became group chairman in 1991. During the development of the Nano, Tata would make it a point to test-drive prototypes at Pune every month. Slym, who headed General Motors in India for four years before moving to GM China, will not handle Jaguar Land Rover, but the rest of the Tata Motors businesses, in India and overseas, will report to him
-Suman Layak
Claus Heckerott, MD (Market India), Adidas Group
Few know that Claus Heckerott, who is busy dealing with Indian authorities on the Rs 870-crore commercial irregularities at Reebok operations, was among the first to spot the discrepancy. Back then, he was the commercial finance head for the sales subsidiaries of the Adidas Group, which owns the Reebok brand. But it is not as if he's always been bound by the straight and narrow view of accounts. "I started my career with PwC, but I shifted to NEC in Munich and then quit and joined Mark Anthony Group, one of the largest wine distributors in Vancouver that's also behind the Mike's Hard Lemonade brand," he says.
Fondness for Germany brought him back: "I sobered up and took the offer from Adidas as it also matched my desire to go back," he says. Though he has been to India twice before, this time it's all work. "I do not have the time to go around," he says. As Managing Director (Market India), Adidas Group, Heckerott is now in the midst of offering a golden handshake to at least 200 employees here and is also restructuring the business for better efficiency.
-Shamni Pande
Aijaz Tobaccowalla, MD, Pfizer India
At a time when global pharma majors are keen on strengthening their presence in emerging markets, including India, Aijaz Tobaccowalla, 45, with vast experience acquired in the US, Europe and Asia, has returned to his home town, Mumbai. On August 16, he took over as the new Managing Director of Pfizer India. Tobaccowalla, an avid golfer, is regarded in the company as a business strategist who has designed solutions and delivered consistent results globally in several areas, including business intelligence, sales force automation, and R&D systems, among other things.
-E. Kumar Sharma
