The Hole Gets Deeper
In a move to aggressively grow the digital business, Network18 Group has roped in Manish Maheshwari as CEO of Web18.
Photo Credit : Subhabrata Das, Bloomberg, Shutterstock, Subhabrata Das, Bloomberg,
Mallyagate is getting interesting by the day. A special court issued an open-dated non bailable warrant against liquor baron Vijay Mallya in a Rs 900-crore money laundering case. The orders were passed on a plea by the Enforcement Directorate (ED) which had summoned him thrice for testifying in the case, but he skipped all. On ED’s advice, the Ministry of External Affairs had earlier suspended Mallya’s passport too. These steps may allow authorities to initiate steps to seek Interpol help to arrest the businessman who is currently abroad.
He Is A Believer
Tim Cook has always been an outspoken CEO, defending equality and human rights. And now the passionate Apple CEO is joining the board of directors of Robert F. Kennedy Human Rights, a non-profit organisation founded in memory of Robert Kennedy to promote human rights issues. For years, he has been fiercely critical of anti-LGBT legislation, and plans to donate $800 million (£570 million) of his wealth to charity before he dies.
For Peaceful Pastures
Air France-KLM Group CEO Alexandre de Juniac has decided to step down, ending his three-year struggle to contain costs amid fierce union resistance that last year culminated in physical attacks on officials and made headlines around the world. The fifty-three-year-old is quitting for the more calm surroundings of the International Air Transport Association lobby group, which he will run after leaving Air France-KLM by 1 August. He would replace CEO Tony Tyler.
Since the start of Uber, CEO Travis Kalanick has met little failure. Except this time, when he failed to win the dismissal of an antitrust lawsuit accusing him of scheming to drive up prices for passengers who use the popular ride-sharing service. A federal judge in the US said that Kalanick must face claims that he conspired with drivers to ensure they charge prices set by an algorithm in the Uber app to hail rides, including “surge pricing” during periods of peak demand. The suit was originally filed by Uber customer Spencer Meyer last December.
Doling Out Big Bucks
He is the new philanthropist in town. Looking to join the ranks of the technology world’s big donors Mark Zuckerberg and Bill Gates, Tencent CEO Pony Ma has announced more than $2 billion in charity, one of China’s biggest philanthropic pledges ever. The chairman of one of China’s largest Internet companies plans to cash in 100 million company shares to make the donation to a new “personal charity fund” that is being set up. Ma has also previously established a charity called the Tencent Foundation.
Hero Cycles patriarch Satyanand Munjal died aged 99 at his residence in Ludhiana on 14 April. Popularly known as ‘Mahatma’, Munjal was a much-respected figure in business and social circles. He is survived by six children — five sons and a daughter. The Munjal brothers, he built the Hero Group, which has now emerged as one of the largest business conglomerates in India.
Wadia-group’s budget airline GoAir ‘s CEO Wolfgang Prock-Schauer has been elevated to the post of managing director. The redesignation takes place as the airline prepares for an initial public offer of equity. Prock-Schauer, who joined last June, will now hold twin charge of both CEO and managing director. The MD’s post, however, will be held along with airline promoter Jeh Wadia.
Top Of The Web
In a move to aggressively grow the digital business, Network18 Group has roped in Manish Maheshwari as CEO of Web18. Under the new mandate, he will lead Network18’s digital and e-commerce assets, including moneycontrol.com, ibnlive.com, in.com, firstpost.com and various other ideas that have been seeded in the network to help it grow as a leader in digital space.
This article was published in BW Businessworld issue dated 'May 16, 2016' with cover story titled 'Back-breaking Acquisitions'
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