Monday December 29, 10:21 AM

Source: Indian Express Finance

Slowdown takes toll on Indian leaders abroad

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. PTI