Economic crisis casts shadow on Indian leaders abroad

New Delhi, Dec 28 (PTI) They were the faces of 'India
shining' abroad till the financial turmoil left them scarred.
The image of Indian-origin heads of global Inc. is now
anything between messiah and the architect of a greater mess.

Across boardrooms spread over diverse sectors including
financial services, funds steering houses, telecom, et al, the
presence of Indian-origin leaders went in for a change in 2008
with calls in subdued tone for removal of Vikram Pandit, who
was brought in to set troubled Citigroup's house in order and
the exit of the legendary boss of Vodafone Arun Sarin.

Others like Neel Kashkari emerged on the big stage.

The raging credit crunch saw many of them embarking on a
cost-cutting spree, while people such as steel czar Lakshmi
Mittal saw their wealth melt away. One of the world's
wealthiest man, the India-origin chief of ArcelorMittal saw
billions of dollars dwindle even as he was pushed to the
second place in the Forbes list of 40 richest Indians.

Apart from the likes of Pandits, Kashkaris and Mittals,
the likes of Pepsico Chief Indra Nooyi, former Vodafone boss
Arun Sarin, Motorala Co-Head Sanjay Jha, steel tycoon Lakshmi
Mittal and Cisco's technology boss Padmasree Warrior are
eagerly watched if not forgotten.

Chennai-born Nooyi continues to retain her place among
the most powerful business women while Sanjay Jha has been
entrusted with the responsibility to turn around Motorola
which is fast losing its market dominance.

He might be out of the hustle and bustle of corporate
life, but Sarin is still in news, with his name cropping up
for the post of Yahoo! CEO. An influential person in the
Silicon Valley, Padmashree warrior is the technology chief at
networking major Cisco and is working on various aspects of
unified communication.

Thanks to the ravaging financial turbulence, Pandit could
well be described as the most visible India-origin face for
receiving bouquets and brickbats in equal measure. As mounting
losses and stunning layoffs pushed Citi into the verge of
collapse, the 51-year-old chief even found his seat under
threat.

But as luck would have it, the Federal government threw a
more than 300-billion dollar worth lifeline to the battered
entity.

This time, the India-origin Chief emerged much stronger
at least for the moment with many a Western media paying
accolades to Pandit.

However, recently American magazine Conde Naste Portfolio
in its power league had placed Pandit in the category of those
whose influence is sliding. In October, just days after the US
Federal government unveiled the mammoth 700-billion dollar
rescue plan, Kashkari was handed over the reins of the
programme, on an interim basis.

Initial optimism over the plan has evaporated and now
fingers are being pointed out at Treasury and Kashkari for not
utilising the funds properly. With just weeks left before the
regime change takes place at the White House, the Interim
Assistant Secretary of the Treasury for Financial Stability's
moves would be closely watched as that of the fund spending.

However, this year has literally seen the fall of Mittal.
Not just declining wealth but also his sprawling steel empire
ArcelorMittal swiftly moved to announce job cuts, to cope with
falling demand for steel and deepening credit turmoil.

On the other end of the spectrum, 52-year-old Nooyi is
considered one of the most successful CEOs on the Wall Street.
The queen of Cola is steering expense minimising initiatives
including job cuts.

Fortune magazine while ranking Nooyi at the top in '50
Most Powerful Women' list, said, the chief has moved swiftly
to offset slowing beverage sales in North America by expanding
the international business. "She is also pushing healthier
products like orange juice with omega-3 fatty acids."

Arun Sarin might have stepped down as the Chief of
British telecom major Vodafone but the 54-year-old is looked
up to his next move. Speculations even suggest Sarin is
considered for the top post of internet major Yahoo!

As companies worldwide are exploring way of minimising
expenses, Sanjay Jha, a telecom industry veteran is just
leading by example. The Motorola co-CEO has decided to take a
25 per cent cut in compensation while the company has decided
to permanently freeze its US pension plans by March.

Going by a recent company statement, the India-origin
chief's employment contract provides for a guaranteed cash
bonus for this year. However, his bonus would be voluntarily
reduced by an amount equal to that of other co-Chief Greg
Brown's forfeited bonus whereas the remainder would be taken
in the form of restricted stock units.

"The sustained downturn in the global economy requires
that we take these difficult but necessary steps," Greg Brown
and Sanjay Jha said in a statement.

In the case of Padmasree Warrior who spent a major part
of her career at Motorola, the focus is mainly on unified
communication technology, which is estimated to be worth 34
billion dollars. "I have come to accept that if in getting
noticed I can provide the role of being a mentor and a role
model to other women, to other people that are of ethnic
minorities, I would love to do that," Warrior recently told
BBC in an interview.

And the statement rings true for rest of the India-origin
executives in the New Year. PTI