Biocon ropes in Peter Bains as group CEO
Biotechnology major Biocon Ldt, on Monday, appointed its Board of Director member, Peter Bains, as its new group Chief Executive Officer.
To takeover the position, Peter Bains, stepped down from his role as non-executive independent director from the Board of Biocon Ltd with with immediate effect.
“Consequently, he has also ceased to be a member of the audit committee, risk management committee and stakeholders relationship committee of the company," said the company in its stock exchange filing.
About Peter Bains
He has over 30 years of experience in strategic and operational leadership, including at board, CEO and senior corporate levels. He served as CEO and on the Board of Syngene International Ltd, a subsidiary of the company, for almost 6 years from 2010, and led the company to its successful public listing in 2015, Biocon said.
During his tenure in Syngene, he took the firm through its IPO in 2015. He had also served as CEO of Sosei Group, which is a Japanese-listed biopharmaceutical company. Before taking the position, Peter had also worked with GlaxoSmithKline over a period of 23 years. During his tenure in the company he held several roles, including head of global marketing and senior vice-president of commercial development for GSK's International region.
Currently, Peter Bains also served as the non-executive director on the Board of Indivior PLC, a UK FTSE listed pharmaceuticals company, MiNA Therapeutics, a privately held UK biotech company, and non-executive Chairman of ILC Therapeutics.
Elon Musk's Biography Reveals Reason For Firing X CEO Parag Agrawal After $44B Deal Published 44 minutes ago
When Elon Musk took control of X (formerly Twitter) in a $44 billion deal last year, one of his initial decisions was to dismiss X's top leadership—including then-CEO Parag Agrawal and others like Vijaya Gadde. Until recently, the reasons behind Elon Musk's decision to part ways with Agrawal remained unclear. However, thanks to Musk's biography, written by Walter Isaacson, it has been revealed that Musk sought a “fire-breathing dragon” as the Twitter CEO, and, per Musk, Parag Agrawal did not fit that role.
Musk's upcoming biography, titled ‘Elon Musk,' is scheduled for release on September 12—the same day when the new iPhone 15 series launches. Authored by Walter Isaacson, the book gets into the life of the billionaire founder of numerous companies—including SpaceX, and his journey to acquire and manage X (Twitter).
According to The Wall Street Journal, which shared an excerpt from the biography, Musk was quite opinionated about Parag Agrawal before and after acquiring Twitter. In ‘Elon Musk,' Musk is quoted as saying, “He is a really nice guy, but managers should not aim to be liked. What Twitter needs is a fire-breathing dragon, and Parag is not that.”
After becoming the new CEO of X in 2022 and becoming the ‘chief twit,' Musk was critical of X's efforts to restrict free speech on the platform. He even said that the ‘bird is freed' following his acquisition of Twitter and the dismissal of Parag Agrawal and others.
As for Walter Isaacson, his X account suggests that he has been accompanying Musk to the X headquarters for a while now. “At the Twitter headquarters' coffee bar, @elonmusk,” Isaacson posted on X on October 27, 2022. Since then, Isaacson has frequently shared content related to Musk on X. Notably, Walter Isaacson has also written biographies for other highly successful people including Apple founder Steve Jobs as well.
Following the termination of Parag Agrawal—as mentioned earlier—Musk assumed the role of CEO at X and made a series of decisions, some controversial and others that were quite appreciated by users. And it was only in June that Musk appointed Linda Yaccarino, a former NBCUniversal executive, as the new CEO of X.
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Qantas Airways CEO Alan Joyce steps down amid ticket scandal
Alan Joyce, the long-standing CEO of Qantas Airways, has resigned abruptly, accelerating the succession of Vanessa Hudson, the company's Chief Financial Officer (CFO). Joyce's unexpected exit comes weeks before his formal farewell was planned at the airline's annual general meeting.
The resignation also follows the Australian Competition & Consumer Commission (ACCC) launching a legal case against the airline for allegedly selling tickets for flights it had already cancelled.
Vanessa Hudson will assume her role as the CEO effective from September 6, a statement from Qantas revealed. She inherits the daunting task of restoring the tarnished image of Australia's largest airline. The focus on Qantas' dominance in Australia's aviation market has been heightened by regulatory bodies, putting additional pressure on Hudson.
Qantas has been embroiled in a significant scandal that has battered its reputation in recent times. The ACCC sued the airline on August 31, accusing it of continuing to accept money for over 8,000 flights that had been cancelled between May and July 2022.
The regulator has indicated that Qantas allowed these sales to persist for an average of more than two weeks, and in some instances, even beyond a month.
Also Read: Qantas Airways takes off first direct flight between Bengaluru-Sydney; check flight rates, schedule here
The regulatory body is also alleging that the airline delayed informing ticket holders for more than 10,000 flights that their services had been discontinued. A hefty penalty of over A$250 million (approximately ₹1,340 crore) is being sought if the allegations hold up in court.
Joyce, who served at the helm for 15 years, stated that the recent focus on the airline and past incidents convinced him that it was time for the company to prioritise its rejuvenation.
“In the last few weeks, the focus on Qantas and events of the past make it clear to me that the company needs to move ahead with its renewal as a priority," Bloomberg quoted Joyce as stating.
Under his leadership, Qantas had seen record-breaking profits, a fact that has only intensified public ire over the current scandal.
Rob Marcolina will be filling in the shoes of Vanessa Hudson as the new CFO of Qantas, as per the September 5 announcement. The airline's shares showed a marginal rise of 0.5% in early Sydney trading on the day the news broke.
(With Bloomberg inputs)
Source: Live Mint
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My fiduciary role in the transition is over
MUMBAI : Billionaire Uday Kotak, who stepped down as the chief executive of Kotak Mahindra Bank Ltd on 1 September, believes he has fulfilled his fiduciary duty in ensuring leadership transition in the bank he founded.
The onus to approve the name of a CEO for the bank now lies with the Reserve Bank of India (RBI) after Kotak, 64, surprised everyone by stepping down from the role of managing director and CEO four months before his term was to end on 31 December.
Joint managing director Dipak Gupta will take charge as interim managing director and CEO until 31 December, subject to the approval of RBI. Kotak will, however, continue his association with the bank as a non-executive director.
In an interview, Kotak said Indian institutions must prioritize value creation for local investors, emphasizing the importance of having banks that are majority-owned by domestic investors. While Kotak discussed several topics, he remained tight-lipped about his future plans and questions related to the banking regulator. Edited excerpts:
Why did you decide to step down well ahead of your term?
It was the right thing to do. It was a voluntary decision taken by me to step down. If you go back, we were all in transition. Transition meant three people stepping down at the same time. This is just sequencing out. The board has appointed Dipak Gupta as the interim managing director and CEO, which is permitted for a period of four months under the Banking Regulation Act. Then there is this new CEO and chairman's application we made well in time. All the work from the bank's side, we have completed. My fiduciary responsibilities for transition and sequencing are done. I didn't want to hang around till the last day.
I spent 38 years. A few months here or there doesn't matter. There is this whole overhang in the market over the transition. So, I have taken the first step towards that. There is an interim CEO, subject to regulatory approval.
What is your message to investors?
An individual should not become more important than the institution. I have had the pleasure of dealing with the best names in the world. But finally, charting our own destiny. I have dealt with Goldman Sachs, Old Mutual and ING. Finally, we did what was in the best interest of our firm. We need to keep the entrepreneurial spirit alive.
Do you think the entrepreneurial spirit can survive at Kotak Mahindra Bank without you at the helm?
Kotak's entrepreneurial spirit is deep in the DNA of the bank, and I have no doubt it will flourish in the years ahead.
How important is it to have majority-owned Indian banks?
There is only one Indian-owned majority bank among the top five banks, and that is Kotak. If Indian savers and investors have to get a return over time, Indian institutions must be run well and must create value for Indian savers. Global investors are welcome. But Indian investors are crucial for Indians at heart.
While the succession plan has been in place, it has not crystallized yet without RBI approval. How should the market deal with this uncertainty?
It's not in the hands of the institution. What is in our hands, we have done.
Any regrets you have had over the last 38 years?
There was a time in 2008-09 I may have made the mistake of reading The Wall Street Journal too much. I should have read the Indian papers. Post 2008, I slowed the speed at which we were growing because the world was looking bad.
How will you keep yourself busy after retirement?
Let's see where destiny takes us. But it's a plain piece of paper—no predetermined agenda.
Source: Live Mint
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Investment of ₹10
Asia's richest banker Uday Kotak, who yesterday quit as CEO and MD of the Kotak Mahindra Bank highlighted how his investment of ₹10,000 has given him crores of returns. In a post on X platform (formerly Twitter), Kotak wrote, "We are now a pre-eminent bank & financial institution, created on the basic tenets of trust and transparency. We have created value for our stakeholders and provide over 1 lakh direct jobs. An investment of ₹10,000 with us in 1985 would be worth around ₹300 crore today".
Kotak wrote that 38 years ago he saw a dream of creating an institution like JP Morgan and Goldman Sachs in India. It is with this dream he started Kotak Mahindra Bank with 3 employees in a 300 sqft office in Fort, Mumbai.
Also read: ‘No finish line to His-story': Anand Mahindra on Uday Kotak's resignation
"I am confident that this Indian-owned institution will continue to play an even more important role in India's transformation into a social and economic powerhouse," he added.
On Saturday, Kotak gave up reins earlier than expected to take on the role of a non-executive director.
Kotak has passed the baton to to Joint Managing Director at Kotak Mahindra Bank -- Dipak Gupta.
Gupta will take charge as interim MD and CEO until 31 December subject to the approval of the Reserve Bank of India and members of Kotak Mahindra Bank, according to an exchange filing. The lender has already submitted an application to the central bank for approval of the new MD and CEO with effect from 1 January 2024.
Also read: Uday Kotak passes baton of Kotak Mahindra Bank to Dipak Gupta, top things to know
The founder of Kotak Mahindra Bank said he decided to resign before his term expires on 31 December after thinking it over for “some time." He cited personal reasons for the decision and said he believes “it is the right thing for the institution." Kotak said he still retained the “lonely place of being a founder, promoter, and significant shareholder" in the bank he founded and that bears “our family name."
Also read: As Uday Kotak resigns, a look back at Kotak Bank's inception and his response to RBI's granting of license
“With a view to sequencing this process from a transition and stability perspective, I have decided to take this action after the completion of the financial year and the AGM for FY2023," Kotak said in the letter. “The bank has taken necessary steps on succession and we await the RBI's decision".
Source: Live Mint
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Elon Musk confirms X's leap towards super app status with video and audio calls
Elon Musk, theowner of X (formerly Twitter), continues to advance his vision of transforming the app into a super app. A recent development in this direction is the introduction of voice and video call features to X.
Musk announced, "Video & audio calls coming to X," highlighting that this feature will be available across iOS, Android, Mac, and PC devices. Notably, users will not need a phone number as X will serve as the global address book. He also believes that this unique combination of features has the potential to revolutionize communication on the platform.
“Video & audio calls coming to X," Musk posted on X.
“Works on iOS, Android, Mac & PC. No phone number needed. X is the effective global address book. That set of factors is unique," Musk wrote in his post on X.
Source: Live Mint
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Former Qualcomm CEO to Lead Company Powering Apple’s Satellite-Text Service
Former Qualcomm boss Paul Jacobsis taking over as chief executive of Globalstar, a satellite company that supports Apple’s emergency-communications capabilities.
Jacobs, the son of Qualcomm co-founder Irwin Jacobs, served as CEO of Qualcomm from 2005 to 2014 and helped turn the chip maker into a stalwart servicing the smartphone industry. He was ousted from the company's board in 2018 after pursuing a long-shot bid to take Qualcomm private.
He has spent the past five years focused on his wireless-technology startup Xcom Labs, which Jacobs said has developed technology to boost the capacity of wireless spectrum, among other advances. Globalstar, which in 2021 formed a strategic alliance with Xcom, will license that and other technology from the startup.
Globalstarhas agreed to issue about 60 million shares of common stock, worth some $64 million, to Xcom as a licensingfee. Globalstar has a market value of about $1.9 billion, as of Monday's market close.
Shares of Globalstar rose almost 24% to $1.31 in midday trading.
The satellite company has also hired a number of Xcom executives, including some former Qualcomm executives, to join Jacobs. Some of the Xcom executives contributed years ago to the development of the original Globalstar system through their work at Qualcomm, said Jay Monroe, who has been Globalstar chairman since 2004 when his private-equity firm bought the company out from bankruptcy.
The combination of Globalstar's spectrum holdings and its satellite fleet, along with Xcom's capacity-boosting technology, will help the company gain ground in powering private networks for mission-critical applications, Jacobs said. “That is like having another piece of the differentiation puzzle," said Jacobs.
Jacobs said he took the Globalstar job because it seemed like a good cultural fit, adding that running a midsize company was appealing.
Jacobs, who will also join Globalstar's board, succeeds David Kagan, who took over as the company's chief executive in 2018. Jacobs has a doctorate in electrical engineering and computer science and has over 80 U.S. patents in the field of wireless technology and devices.
Like its peers, Louisiana-based Globalstar has for years struggled to make its constellation of satellites profitable amid hefty maintenance costs.
Last year, Globalstar struck a deal with Apple to power the iPhone maker's emergency-texting system, a partnership that gave Globalstar a deep-pocketed customer and a steady stream of revenue. Apple's emergency-texting system, called Emergency SOS, enables all iPhone 14 models to send messages to emergency services via a satellite connection when outside of a cellular range.
Apple said it would invest some $450 million in infrastructure for its emergency-satellite service, with most of that going to Globalstar to upgrade aging satellites.
The deal also kicked off a race for others to develop and commercialize comparable technology.
Globalstar executives, though, have for years been searching for ways to generate revenue from the company's spectrum rights by serving on-the-ground private networks. On a conference call in May, Monroe, the chairman, teased that a couple of such deals were under way with others. “We are in deal mode," he said.
Fleets of satellites in orbits near Earth can provide mobile-phone users with basic service options when they are out of reach of cell towers, companies and executives say. The expensive satellite links are unlikely to soon replace the data-rich internet connections offered by cellular networks on the ground, but with enough improvement, they could help fill gaps.
Globalstar and Apple aren't alone in pursuing the technology. So-called direct-to-device satellite communications have attracted new entrants and fresh capital in recent years. Elon Musk's SpaceX is working with cell carrier T-Mobile to test the technology while AT&T is working with AST SpaceMobile. Jacobs' former company, Qualcomm, is also working with Iridiumto bring satellite texting to Android devices.
Despite a handful of high-profile deals in the space, industry executives have said it would take years for satellite-texting technology to expand beyond emergency services, or generate meaningful revenue.
“But it is clear, even from the current limited reach of the iPhone 14, that SOS services on smartphones do save lives, and that's something we want to be part of," Iridium chief executive Matthew Desch told investors on a conference call in July.
Source: Live Mint
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Elon Musk has an ‘impressive’ take on list of Indian-origin CEOs
Elon Musk, the chief of Tesla, Space X, and the owner of ‘X’ (formerly Twitter), is impressed with the growing number of Indian-origin CEOs. In a list published by World of Statistics, it was made evident that there has been a significant rise in Indian-origin people at the topmost position.
The list showed that many companies all over the world are now led by Indian-origin CEO. This includes Alphabet head Sundar Pichai, Microsoft, YouTube and Adobe are also on the list with Satya Nadella, Neal Mohan and Shantanu Narayen leading the tech giants.
The latest addition to this list is Ajay Banga, who was appointed the 14th President of the World Bank Group.
The list published by World of Statistics also features Laxman Narasimhan, Ravi Kumar S and Sanjay Mehrotra, Chiefs of Starbucks, Cognizant and Micron Technology respectively.
Leena Nair, the Global Chief Executive Officer of French luxury fashion house Chanel, also features in the ranks of Indian-origin corporate bosses across the globe.
Other companies include Albertsons, NetApp, Palo Alto Networks, Arista Networks, Novartis, Honeywell, Flex, Wayfair, OnlyFans, Motorola Mobility and Vimeo.
Elon Musk, who is quick to reply on various posts on microblogging site ‘X', also acknowledged this list and said, "Impressive'.
See the tweet here
Source: Live Mint
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