ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parloursBromancing in DubaiWho said successful men can’t be pals? Three unicorn founders — mercurial, moody and maverick — decided to jam together. So, we are told, they recently chartered a flight and landed in Dubai for some quality bro bonding. For a fortnight, they spent time together strategising and fraternising in a plush condo. We are not clear if one of them has actually invested in the emirate’s real estate or it was rented accommodation, but that’s hardly important. Now we see they are opening their purse strings to become the hottest new angels themselves. This is yet another chapter from the Valley playbook that is getting replicated in our homegrown startup ecosystem. Cheers, we say. Parting WaysEnding months of speculation, we hear this senior PE managing director has finally decided to move on after 13 successful years with this bulge-bracket buyout group. His departure, toward the end of the year, will mark the end of an era. Most of the oldtimers have moved on ever since a new leadership was brought in late last year. So it’s now the turn of the last of the Mohicans to bid adieu from KKR. We wish him the very best for the next adventure.Forever CEOWe always thought this gentle giant and the forever face of this financial institution had grudgingly accepted an extension last time around — this was to come to an end later this year. So you could imagine our surprise when we heard he has received a three-year extension in the corner office. Banks have strict guidelines about CEO tenures but shadow banks don’t. Apparently, as per a clause in the agreement, the gentleman stays on as long as the group’s patriarch remains in the chair. Last year, much to the disappointment of this gentleman’s friends, a mega bash that was organised got cancelled thanks to the lockdown. Hopefully, now they will have every reason to ask for another.Filling the SpotsAs speculation over board composition and succession at the apex decision-making body of one of our top conglomerates periodically makes it to the headlines or dominates coffee table chatter, here’s the latest. A little bird tells us at least two internal candidates are also being considered for the board, along with the two names that have now become permanent grist for the mill. Both top-notch executives who have managed transitions or turnarounds really well, they certainly deserve a bump up to the empty seats — not just for ably holding the reins of two of the most-important businesses of the group but for their performance. This drama will most certainly unfold in the coming weeks.In AbsentiaThroughout the pandemic we have in this column pointed out how some of our corporate captains and top executives have redefined the work-from-anywhere model to suit their convenience, jet-setting to exotic locales since they could afford to do so while junior colleagues are expected to burn the midnight oil and do all the heavy lifting. The top boss of a global bank, we learn, has been in the UK for over two months now with his family, even as businesses on the ground face stiff competition and rivals are snapping at the heels, even dislodging this high-street name in the league tables. We just hope the regulator won’t mind the long absence. But worryingly enough, several disgruntled executives, a little bird tells us, are looking out for better options, or shall we say, a more compassionate boss?Serial PestPeople are furious at a Big Four firm, especially the women. A senior partner who was fired recently over sexual harassment allegations was rehabilitated within a week. Thankfully, the serial offender finally met his match when a formal complaint was registered against this powerful partner and he was immediately asked to leave. To everyone’s horror, he found an even better role at a rival firm within days of his ignominious departure. If that’s not bad enough, the perpetrator is still texting his excolleagues, bombarding inboxes with cheesy messages. Everyone thought this individual would know better than to leave such a digital trail, considering that a peer from another firm lost his job for the very same reason.Closer LookWhistle-blowers, who often act as conscience keepers and keep truant boards on their toes, can sometimes be a pain — as one of the large exchanges recently realised. Even though the amount involved is just a few crores of expenditure, the audit committee of the organisation had no choice but to look into it and hire a forensic auditor to scan the numbers. Little or nothing may eventually come of it. But having been under regulatory scrutiny and public glare for sharp and dubious practices of some of its senior officials in the past, the entity concerned is not taking any chance.I-Day ClashJust as this storied SUV maker was all set for a big splash — a repeat of last year’s Independence Day launch strategy — for one of its ‘upgraded’ models, it got to know of an e-bike debut happening on the same day. The feedback from the teams on the ground was not pleasing to hear: The buzz the two-wheeler has managed to generate among young potential buyers, both online and offline, is likely to eclipse competition. Last heard, the SUV maker was sticking to its position, confident of making a mark. We are all set for this generational clash for eyeballs next weekend. This once-favourite automotive beast ruled the highways for long, but for millennials, green is truly in. Let’s see who wins this race now.
from Economic Times https://ift.tt/3jE0ivg
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