Round up: People who made news last fornight
Starring: Dilip S. Shanghvi, Karti P. Chidambaram, C.B. Bhave, Franz Heukamp, Madhavan Menon
Dilip Shanghvi Founder/MD, Sun Pharma
New Dawn
When Dilip S. Shanghvi founded Sun Pharma, its first-year turnover was a mere Rs 10 lakh. Thirty years later, it is a $1.6 billion (Rs 8,006 crore) company, with 60 per cent of its revenues from overseas. Now, the pharma giant has announced a major change at the top. Shanghvi, 56, has stepped down as board Chairman in favour of Israel Makov, the former president and CEO of the $21 billion global generics major Teva Pharmaceutical Industries of Israel. So, what was the trigger for the move? "Since the scale has become very large, the cost of making mistakes will also be very large," Shanghvi told BT. "At such a time, if you have somebody with the requisite experience and a record of managing successfully, the ability to execute improves and the risk of failure reduces." He feels that Sun will benefit from Makov's experience as it continues to rapidly expand its presence worldwide. Makov, who led Teva between 2002 and 2007, is credited with much of its success
-E. Kumar Sharma
Here comes the son
He has no regrets about not having pursued a legal career like his parents, despite his law degree. "Reading legal briefs, for me, is like writing an exam. I was more than happy to write my last exam on June 7, 1995 with which I finished my law course," says Karti P. Chidambaram, the son of Union Home Minister P. Chidambaram and Nalini Chidambaram, both of whom are noted lawyers. Papa Chidambaram still returns to the courtroom to argue high profile cases when he is not part of the government. Karti admits his parents were keen he follow them. "But I knew from the beginning I neither had the temperament nor the patience to be a good lawyer," he says. Instead, he is into both politics and business, a member of All India Congress Committee (AICC), who recently made headlines for having allegedly benefited from the 2006 deal in which telecom company Maxis bought a controlling share in phone firm Aircel. Both father and son have emphatically denied any wrongdoing.
This is not the first time, however, that Karti has been in the news for the wrong reasons. The March 2011 WikiLeaks cables had an American diplomat naming him among the politicians involved in the 'cash-for-votes' scandal of 2008. His many detractors in the faction-ridden state Congress unit in Tamil Nadu call him abrasive, and a businessman who dabbles in politics as a pastime. "No one can be a full-time politician," says Karti. "My businesses are modest enough to support my family. I have no greater business ambition."
Unlike his father, who weighs his words very carefully, Karti is outspoken. "People expect you to take a stand and speak your mind," he says. "I admire (current Tamil Nadu Chief Minister) Jayalalithaa and (former CM) Karunanidhi for this. You may not agree with their views but they are never wishy-washy. "
He always wanted to enter politics, but in school he had another aspiration as well: to be a professional tennis player. Indeed, he was once a junior ranked player and played in international tournaments. "I played to my potential but it was not enough for me to become a fulltime professional," he says. But he remains involved with tennis and tries to help talented youngsters achieve what he could not. "My aim is to produce three tennis players in the men's circuit who will be in the top 100 ATP ranking at the same time," he adds.
Political ambitions remain, but will he achieve them? The Congress party in Tamil Nadu, a state whose politics is dominated by the DMK and the AIADMK, is a disaster. "Regional parties provide 'doorstep' leadership, which is quick decision-making, taking into account local sentiments, while Congress practises mountain top leadership, which is quite the opposite," he says. "There is support for Congress in the state but the organisation is not capable of taking advantage of it."
-N. Madhavan
Urban regulations, next
During his three years at the helm of market regulator SEBI, C.B. Bhave repeatedly took up cudgels on behalf of retail investors. Now, he will focus on improving the quality of city life. As the Executive Chairperson of the Indian Institute for Human Settlements (IIHS), Bhave will train urban planners and policymakers. "Though he is neither an educationist nor an urbanist, Bhave has immense experience in building institutions," says IIHS Director Aromar Revi. IIHS, funded by the likes of Nandan Nilekani, is part of the National University for Research and Innovation focusing on urban planning. Bhave, who was unavailable for comment as he was overseas, will shift from Pune to Bangalore, where the IIHS campus is located.
-G. Seetharaman
Teaching how to think
An engineer by training, Franz Heukamp chose, however, to devote himself to teaching. The Secretary General of the noted IESE Business School in Barcelona, Spain, who is also a professor of Managerial Decision Sciences there, was in India recently. "Businesses depend on good decisions, but you will be surprised how many CEOs struggle to comprehend the many aspects they need to factor into these decisions," he says. Many business decisions are driven by emotion and are not based on facts alone. Thus it is important to teach young executives a structured process of thinking. "There are many tools that teach you how to do that. It starts by anchoring yourself to the core reality of an issue." Sage thinking that.
-Shamni Pande
Tough transition
He is known for managing transitions well. "I am not sure that this is always a good reputation to have," says Madhavan Menon, Managing Director of Thomas Cook India Ltd (TCIL). With Fairfax Financial Holdings Ltd, a Canadian financial services holding firm, having bought a majority stake in TCIL, these are times of change for him indeed. The times are not all that good for Thomas Cook UK, either: it is currently in the red. Menon feels that Fairfax's track record of not selling any company in which it has a controlling stake means it is in for the long haul at TCIL. "In a dynamic and changing environment, it is essential to continuously review the needs of each business," says Menon, discussing his challenges. Menon loves to travel and enjoys football. His son and he recently visited Munich, Germany, to watch the European Champions League final between German football giant Bayern Munich and London club Chelsea, which the latter won.
Anand J.
When Dilip S. Shanghvi founded Sun Pharma, its first-year turnover was a mere Rs 10 lakh. Thirty years later, it is a $1.6 billion (Rs 8,006 crore) company, with 60 per cent of its revenues from overseas. Now, the pharma giant has announced a major change at the top. Shanghvi, 56, has stepped down as board Chairman in favour of Israel Makov, the former president and CEO of the $21 billion global generics major Teva Pharmaceutical Industries of Israel. So, what was the trigger for the move? "Since the scale has become very large, the cost of making mistakes will also be very large," Shanghvi told BT. "At such a time, if you have somebody with the requisite experience and a record of managing successfully, the ability to execute improves and the risk of failure reduces." He feels that Sun will benefit from Makov's experience as it continues to rapidly expand its presence worldwide. Makov, who led Teva between 2002 and 2007, is credited with much of its success
-E. Kumar Sharma
Karti P. Chidambaram, Member, AICC
He has no regrets about not having pursued a legal career like his parents, despite his law degree. "Reading legal briefs, for me, is like writing an exam. I was more than happy to write my last exam on June 7, 1995 with which I finished my law course," says Karti P. Chidambaram, the son of Union Home Minister P. Chidambaram and Nalini Chidambaram, both of whom are noted lawyers. Papa Chidambaram still returns to the courtroom to argue high profile cases when he is not part of the government. Karti admits his parents were keen he follow them. "But I knew from the beginning I neither had the temperament nor the patience to be a good lawyer," he says. Instead, he is into both politics and business, a member of All India Congress Committee (AICC), who recently made headlines for having allegedly benefited from the 2006 deal in which telecom company Maxis bought a controlling share in phone firm Aircel. Both father and son have emphatically denied any wrongdoing.
This is not the first time, however, that Karti has been in the news for the wrong reasons. The March 2011 WikiLeaks cables had an American diplomat naming him among the politicians involved in the 'cash-for-votes' scandal of 2008. His many detractors in the faction-ridden state Congress unit in Tamil Nadu call him abrasive, and a businessman who dabbles in politics as a pastime. "No one can be a full-time politician," says Karti. "My businesses are modest enough to support my family. I have no greater business ambition."
Unlike his father, who weighs his words very carefully, Karti is outspoken. "People expect you to take a stand and speak your mind," he says. "I admire (current Tamil Nadu Chief Minister) Jayalalithaa and (former CM) Karunanidhi for this. You may not agree with their views but they are never wishy-washy. "
He always wanted to enter politics, but in school he had another aspiration as well: to be a professional tennis player. Indeed, he was once a junior ranked player and played in international tournaments. "I played to my potential but it was not enough for me to become a fulltime professional," he says. But he remains involved with tennis and tries to help talented youngsters achieve what he could not. "My aim is to produce three tennis players in the men's circuit who will be in the top 100 ATP ranking at the same time," he adds.
Political ambitions remain, but will he achieve them? The Congress party in Tamil Nadu, a state whose politics is dominated by the DMK and the AIADMK, is a disaster. "Regional parties provide 'doorstep' leadership, which is quick decision-making, taking into account local sentiments, while Congress practises mountain top leadership, which is quite the opposite," he says. "There is support for Congress in the state but the organisation is not capable of taking advantage of it."
-N. Madhavan
C.B. Bhave, Former Chairman, SEBI
During his three years at the helm of market regulator SEBI, C.B. Bhave repeatedly took up cudgels on behalf of retail investors. Now, he will focus on improving the quality of city life. As the Executive Chairperson of the Indian Institute for Human Settlements (IIHS), Bhave will train urban planners and policymakers. "Though he is neither an educationist nor an urbanist, Bhave has immense experience in building institutions," says IIHS Director Aromar Revi. IIHS, funded by the likes of Nandan Nilekani, is part of the National University for Research and Innovation focusing on urban planning. Bhave, who was unavailable for comment as he was overseas, will shift from Pune to Bangalore, where the IIHS campus is located.
-G. Seetharaman
Franz Heukamp, Secretary General/Professor, IESE Business School
An engineer by training, Franz Heukamp chose, however, to devote himself to teaching. The Secretary General of the noted IESE Business School in Barcelona, Spain, who is also a professor of Managerial Decision Sciences there, was in India recently. "Businesses depend on good decisions, but you will be surprised how many CEOs struggle to comprehend the many aspects they need to factor into these decisions," he says. Many business decisions are driven by emotion and are not based on facts alone. Thus it is important to teach young executives a structured process of thinking. "There are many tools that teach you how to do that. It starts by anchoring yourself to the core reality of an issue." Sage thinking that.
-Shamni Pande
Madhavan Menon, MD, Thomas Cook India
He is known for managing transitions well. "I am not sure that this is always a good reputation to have," says Madhavan Menon, Managing Director of Thomas Cook India Ltd (TCIL). With Fairfax Financial Holdings Ltd, a Canadian financial services holding firm, having bought a majority stake in TCIL, these are times of change for him indeed. The times are not all that good for Thomas Cook UK, either: it is currently in the red. Menon feels that Fairfax's track record of not selling any company in which it has a controlling stake means it is in for the long haul at TCIL. "In a dynamic and changing environment, it is essential to continuously review the needs of each business," says Menon, discussing his challenges. Menon loves to travel and enjoys football. His son and he recently visited Munich, Germany, to watch the European Champions League final between German football giant Bayern Munich and London club Chelsea, which the latter won.
Anand J.
