The ICICI Bank board on Friday denied that it has asked its MD and CEO Chanda Kochhar to go on indefinite leave.

In a statement, a bank spokesperson said,”The ICICI Bank Board denies having asked Ms&nbsp;Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor.”

Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI&nbsp;&nbsp;Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter.

ICICI Bank and Kochhar are facing allegations of conflict of interest, unprecedented in a private sector bank – arising out of business dealings between members of the CEO’s family and the Videocon group. Chief Executive Chanda Kochhar has firmly denied all charges of impropriety and quid pro quo including the suspicion that she violated disclosure requirements relating to NuPower Renewables’ (her husband’s firm) dealings with Videocon Industries.

Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter.

The ICICI Bank board on Friday denied that it has asked its MD and CEO Chanda Kochhar to go on indefinite leave. In a statement, a bank spokesperson said,”The ICICI Bank Board denies having asked Ms Chanda Kochhar to go on leave. She is on her annual leave which was planned in advance. Further, the Board denies that it has appointed any search committee to find her successor.” Following a complaint by an anonymous whistle-blower against Chanda Kochhar the ICICI Bank’s board had decided to set up an inquiry committee, headed by an independent person, to probe into the matter. ICICI Bank and Kochhar are facing allegations of conflict of interest, unprecedented in a private sector bank – arising out of business dealings between members of the CEO’s family and the Videocon group. Chief Executive Chanda Kochhar has firmly denied all charges of impropriety and quid pro quo including the suspicion that she violated disclosure requirements relating to NuPower Renewables’ (her husband’s firm) dealings with Videocon Industries.

Chanda Kochhar on 'annual', not indefinite leave: ICICI Bank

The Central Bureau of Investigation (CBI) has booked AirAsia Group CEO Tony Fernandes over alleged violation of norms to obtain an international flying licence.&nbsp;

The case relates to the alleged violation of norms by directors of the aviation company for relaxation of 5/20 rules in the aviation sector to get licenses for international operations, as well as the violation of Foreign Investment Promotion Board (FIPB)rules, they said.

The 5/20 rule means that a company needs five years of experience and 20 aircraft to become eligible for the license, the officials said.

Besides Anthony Francis "Tony" Fernandes, Group CEO Air Asia Malaysia, the company Air Asia, Travel Food owner Sunil Kapoor, Air Asia Director R Venkatraman, aviation consultant Deepak Talwar, Director of Singapore-based SNR Trading Rajendra Dubey and unidentified public servants have been named in the FIR.

The searches are going on at six locations in Delhi, Mumbai and Bengaluru, the officials said.&nbsp;

Air Asia Group CEO Tony Fernandes allegedly lobbied with government servants for clearances, removal of existing 5/20 rule of aviation and change in regulatory policies, the agency has alleged.&nbsp;

Air Asia operates international flights from several destinations in India to all across south-east Asia. Its domestic operations include daily flights from New Delhi. Bengaluru, Goa, Kolkata, Hyderabad and Ranchi.

(With inputs from PTI)

The central investigation agency is carrying out searches at six location in Delhi, Mumbai and Bengaluru at properties belonging to the Malaysian carrier.

The Central Bureau of Investigation (CBI) has booked AirAsia Group CEO Tony Fernandes over alleged violation of norms to obtain an international flying licence. The case relates to the alleged violation of norms by directors of the aviation company for relaxation of 5/20 rules in the aviation sector to get licenses for international operations, as well as the violation of Foreign Investment Promotion Board (FIPB)rules, they said. The 5/20 rule means that a company needs five years of experience and 20 aircraft to become eligible for the license, the officials said. Besides Anthony Francis "Tony" Fernandes, Group CEO Air Asia Malaysia, the company Air Asia, Travel Food owner Sunil Kapoor, Air Asia Director R Venkatraman, aviation consultant Deepak Talwar, Director of Singapore-based SNR Trading Rajendra Dubey and unidentified public servants have been named in the FIR. The searches are going on at six locations in Delhi, Mumbai and Bengaluru, the officials said. Air Asia Group CEO Tony Fernandes allegedly lobbied with government servants for clearances, removal of existing 5/20 rule of aviation and change in regulatory policies, the agency has alleged. Air Asia operates international flights from several destinations in India to all across south-east Asia. Its domestic operations include daily flights from New Delhi. Bengaluru, Goa, Kolkata, Hyderabad and Ranchi. (With inputs from PTI)

AirAsia CEO Tony Fernandes booked, CBI carries out searches at six locations

Speculations are rife about who could be the next WhatsApp CEO after former Chief Jan Koum stepped down last week. Reports suggest WhatsApp's Business Executive Neeraj Arora&nbsp;among the shortlisted candidates for the top job.

Jan Koum's exit comes after differences with the parent company over WhatApp's strategy and Facebook's attempts to use its personal data and weaken its encryption, the Washington Post earlier reported.

"It's been almost a decade since Brian and I started WhatsApp, and it's been an amazing journey with some of the best people... But it is time for me to move on," Koum's Facebook post read.

Facebook Chief Executive Mark Zuckerberg commented on Koum's post, saying he was grateful for what Koum taught him about encryption, "Those values will always be at the heart of WhatsApp," Zuckerberg added.

In case Arora's elevation materialises, he will join the league of Indian-origin CEOs like Microsoft chief Satya Nadella and Google CEO Sundar Pichai.

Neeraj Arora is an IIT Delhi, ISB graduate who has previously worked with PayTm and Google.

Arora worked as the Corporate Development Manager for three years at Google after which he was elevated to the role of a senior member of the Corporate Development Team where he served for a year. He was one of the Board of Directors at Vijay Shekhar Sharma-led PayTm.&nbsp;

He describes himself as 'Business Guy' on LinkedIn for taking care of WhatsApp's business affairs for close to seven years now.&nbsp;He joined the Facebook-owned company in the year 2011.&nbsp;

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In case Arora's elevation materialises, he will join the league of Indian-origin CEOs like Microsoft chief Satya Nadella and Google CEO Sundar Pichai

Speculations are rife about who could be the next WhatsApp CEO after former Chief Jan Koum stepped down last week. Reports suggest WhatsApp's Business Executive Neeraj Arora among the shortlisted candidates for the top job. Jan Koum's exit comes after differences with the parent company over WhatApp's strategy and Facebook's attempts to use its personal data and weaken its encryption, the Washington Post earlier reported. "It's been almost a decade since Brian and I started WhatsApp, and it's been an amazing journey with some of the best people... But it is time for me to move on," Koum's Facebook post read. Facebook Chief Executive Mark Zuckerberg commented on Koum's post, saying he was grateful for what Koum taught him about encryption, "Those values will always be at the heart of WhatsApp," Zuckerberg added. In case Arora's elevation materialises, he will join the league of Indian-origin CEOs like Microsoft chief Satya Nadella and Google CEO Sundar Pichai. Neeraj Arora is an IIT Delhi, ISB graduate who has previously worked with PayTm and Google. Arora worked as the Corporate Development Manager for three years at Google after which he was elevated to the role of a senior member of the Corporate Development Team where he served for a year. He was one of the Board of Directors at Vijay Shekhar Sharma-led PayTm. He describes himself as 'Business Guy' on LinkedIn for taking care of WhatsApp's business affairs for close to seven years now. He joined the Facebook-owned company in the year 2011. ×

'Business Guy' Neeraj Arora could be WhatsApp's next CEO

Bihar opposition leader Tejashwi Yadav on Tuesday slammed <a href="http://www.wionews.com/india-news/states-like-up-bihar-holding-india-back-niti-aayog-ceo-amitabh-kant-132435">NITI Aayog CEO Amitabh Kant</a>’s statement blaming the state for India’s backwardness, saying the remark has exposed the mindset of “babus” in the Modi-led government.

"Bihar and Bihari`s pay equal taxes, contribute equally or more to governance and nation-building. Bihar gave 33 MPs to NDA, seven Union Ministers from Bihar, both State and Centre governments are of same party and alliance. But still, these Babus say Bihar is backward..." the former Deputy Chief Minister tweeted.

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Bihar & Bihari’s pay equal taxes, contribute equally or more in governance & Nation building. Bihar gave 33 MPs to NDA, 7 Union Ministers r frm Bihar, both State & Centre govts are of same party nd alliance But still these Babu’s says Bihar is backward.BJP ruling state for 10yrs <a href="https://t.co/Ii9pxjt4Xt">https://t.co/Ii9pxjt4Xt</a>
— Tejashwi Yadav (@yadavtejashwi) <a href="https://twitter.com/yadavtejashwi/status/988632682597900288?ref_src=twsrc%5Etfw">April 24, 2018</a></blockquote>
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"Modi has failed to grant special category status or special packages promised by him. Four years have passed, but nothing has happened so far, except 'jumlas' (hollow words)," he said.

While speaking at the first Khan Abdul Gaffar Khan Memorial Lecture at Jamia Millia Islamia University, NITI Aayog Chief Executive Officer (CEO) Amitabh Kant said, "India was backward because of the eastern states like Bihar, Uttar Pradesh, Chattisgarh, Madhya Pradesh and Rajasthan, especially on social indicators."

Kant said that the states in India's southern and western region were growing rapidly, but those like Bihar, UP and Chattisgarh were keeping the country backwards.

"Modi has failed to grant special category status or special packages promised by him," he said.

Bihar opposition leader Tejashwi Yadav on Tuesday slammed NITI Aayog CEO Amitabh Kant’s statement blaming the state for India’s backwardness, saying the remark has exposed the mindset of “babus” in the Modi-led government. "Bihar and Bihari`s pay equal taxes, contribute equally or more to governance and nation-building. Bihar gave 33 MPs to NDA, seven Union Ministers from Bihar, both State and Centre governments are of same party and alliance. But still, these Babus say Bihar is backward..." the former Deputy Chief Minister tweeted. Bihar & Bihari’s pay equal taxes, contribute equally or more in governance & Nation building. Bihar gave 33 MPs to NDA, 7 Union Ministers r frm Bihar, both State & Centre govts are of same party nd alliance But still these Babu’s says Bihar is backward.BJP ruling state for 10yrs https://t.co/Ii9pxjt4Xt — Tejashwi Yadav (@yadavtejashwi) April 24, 2018 × "Modi has failed to grant special category status or special packages promised by him. Four years have passed, but nothing has happened so far, except 'jumlas' (hollow words)," he said. While speaking at the first Khan Abdul Gaffar Khan Memorial Lecture at Jamia Millia Islamia University, NITI Aayog Chief Executive Officer (CEO) Amitabh Kant said, "India was backward because of the eastern states like Bihar, Uttar Pradesh, Chattisgarh, Madhya Pradesh and Rajasthan, especially on social indicators." Kant said that the states in India's southern and western region were growing rapidly, but those like Bihar, UP and Chattisgarh were keeping the country backwards.

Tejashwi replies to NITI Aayog CEO for blaming Bihar for India's backwardness

Mining mogul Anil Agarwal-led Vedanta Resources plc today announced the appointment of Srinivasan Venkatakrishnan as the new chief executive of the company, replacing interim CEO Kuldip Kaura.

Venkatakrishnan, or Venkat as he is known, is currently the CEO of Johannesburg-based AngloGold Ashanti Ltd, the world's largest emerging market gold producer.

Venkat, 53, will assume the new role effective August 31, the company said in a statement.

Vedanta had in August last year appointed an interim chief executive, Kaura, to replace Tom Albanese. Albanese, a former chief executive of rival Rio Tinto, returned to the US after his three-year contract, which was extended by five months, expired at the end of August.

Kaura was made interim CEO from September 1 but he did not serve as a director on the board. He will continue in the role till Venkat joins.

Venkat would be a member of the board of directors effective August 31, the statement said.

Since 2013, Venkat has been CEO of AngloGold Ashanti Ltd. Between 2005 and 2013, he was AngloGold Ashanti's Chief Financial Officer and prior to this, he was CFO of London-listed Ashanti Goldfields Ltd.

Agarwal, Chairman of Vedanta, said, "We have gone through a very thorough search process and are delighted to invite Venkat to join Vedanta in the position of CEO. Venkat is a widely respected business leader in the global resources space, who brings to Vedanta an impressive set of values and a wealth of experience in corporate and other roles in the UK, Africa, Australia, South America and India."

He also has a strong track record of managing a complex portfolio of operating assets and projects across Africa, he said. "He has proved his ability to deliver significant operating and financial improvements, while also ensuring important advances in sustainability."

Venkat said Vedanta has an outstanding reputation as a global, diversified resources business with world-class assets and an exceptional team.

"My initial focus will be to ensure continued operational excellence, efficient cost management and capital discipline across the portfolio, while continuing to drive improvements to the overall sustainability performance of the business, thereby creating long-term value for all stakeholders," he said.

Kaura, who started off working for ABB India, was chief executive of Vedanta between 2005 and 2008. He has since worked as president of the chairman's office at the company.

Venkat is a qualified Chartered Accountant who holds a Bachelor's degree from the University of Madras.&nbsp

Venkat as he is known, is currently the CEO of Johannesburg-based AngloGold Ashanti Ltd, the world's largest emerging market gold producer.

Mining mogul Anil Agarwal-led Vedanta Resources plc today announced the appointment of Srinivasan Venkatakrishnan as the new chief executive of the company, replacing interim CEO Kuldip Kaura. Venkatakrishnan, or Venkat as he is known, is currently the CEO of Johannesburg-based AngloGold Ashanti Ltd, the world's largest emerging market gold producer. Venkat, 53, will assume the new role effective August 31, the company said in a statement. Vedanta had in August last year appointed an interim chief executive, Kaura, to replace Tom Albanese. Albanese, a former chief executive of rival Rio Tinto, returned to the US after his three-year contract, which was extended by five months, expired at the end of August. Kaura was made interim CEO from September 1 but he did not serve as a director on the board. He will continue in the role till Venkat joins. Venkat would be a member of the board of directors effective August 31, the statement said. Since 2013, Venkat has been CEO of AngloGold Ashanti Ltd. Between 2005 and 2013, he was AngloGold Ashanti's Chief Financial Officer and prior to this, he was CFO of London-listed Ashanti Goldfields Ltd. Agarwal, Chairman of Vedanta, said, "We have gone through a very thorough search process and are delighted to invite Venkat to join Vedanta in the position of CEO. Venkat is a widely respected business leader in the global resources space, who brings to Vedanta an impressive set of values and a wealth of experience in corporate and other roles in the UK, Africa, Australia, South America and India." He also has a strong track record of managing a complex portfolio of operating assets and projects across Africa, he said. "He has proved his ability to deliver significant operating and financial improvements, while also ensuring important advances in sustainability." Venkat said Vedanta has an outstanding reputation as a global, diversified resources business with world-class assets and an exceptional team. "My initial focus will be to ensure continued operational excellence, efficient cost management and capital discipline across the portfolio, while continuing to drive improvements to the overall sustainability performance of the business, thereby creating long-term value for all stakeholders," he said. Kaura, who started off working for ABB India, was chief executive of Vedanta between 2005 and 2008. He has since worked as president of the chairman's office at the company. Venkat is a qualified Chartered Accountant who holds a Bachelor's degree from the University of Madras.

Srinivasan Venkatakrishnan appointed CEO of Vedanta Resources

Starbucks Chief Executive Kevin Johnson apologised late on Saturday for the arrests of two Afro-Americans at a Philadelphia coffee shop last week, which sparked accusations of racial profiling.

Promising to make everything right, Johnson promised a thorough investigation of the incident caught on video by a patron Thursday and shared widely online.

The men were accused of trespassing but have said they were waiting for a friend before ordering.

"The video shot by customers is very hard to watch and the actions in it are not representative of our Starbucks mission and values," Johnson said in a statement.

He added, "The basis for the call to the Philadelphia police department was wrong."

Philadelphia`s police commissioner on Saturday defended the arrest, saying his officers had to act after Starbucks employees told them the pair were trespassing.

Video of Thursday`s incident showed other patrons telling officers the pair were doing nothing wrong and appeared to have been targeted merely because of their race.

Police Commissioner Richard Ross said he knew the incident had prompted a lot of concern, but said his officers "did absolutely nothing wrong."

In a video statement, Ross said store employees called 911 to report a disturbance and trespassing.

When officers arrived, Ross said, staff told them the two men had wanted to use the restroom but were informed it was only for paying customers. The pair repeatedly refused to leave when politely asked to do so by the employees and officers, he said.

"If you think about it logically, that if a business calls and they say that someone is here that I no longer wish to be in my business, they (the officers) now have a legal obligation to carry out their duties. And they did just that," Ross said.

"They were professional in all their dealings with these gentlemen, and instead they got the opposite back."

Ross said that as an African-American man he was acutely aware of implicit bias. "We are committed to fair and unbiased policing and anything less than that will not be tolerated in this department," he said.

The two men were released, Ross said, after officers learned Starbucks was "no longer interested" in prosecuting them.

In a post on Twitter earlier on Saturday, Starbucks Corp said it was sorry for what took place.

Johnson added his apology, saying the company would review its policies and "further train our partners to better know when police assistance is warranted."

Melissa DePino, an author who posted video of the arrest, said staff called police because the two men had not ordered anything while waiting for a friend. She said white customers were "wondering why it`s never happened to us when we do the same thing."

Police departments across the United States have come under criticism for repeated instances of killing unarmed Afro-Americans&nbsp;in recent years, which activists blame on racial biases in the criminal justice system.

The men were accused of trespassing but have said they were waiting for a friend before ordering.

Starbucks Chief Executive Kevin Johnson apologised late on Saturday for the arrests of two Afro-Americans at a Philadelphia coffee shop last week, which sparked accusations of racial profiling. Promising to make everything right, Johnson promised a thorough investigation of the incident caught on video by a patron Thursday and shared widely online. The men were accused of trespassing but have said they were waiting for a friend before ordering. "The video shot by customers is very hard to watch and the actions in it are not representative of our Starbucks mission and values," Johnson said in a statement. He added, "The basis for the call to the Philadelphia police department was wrong." Philadelphia`s police commissioner on Saturday defended the arrest, saying his officers had to act after Starbucks employees told them the pair were trespassing. Video of Thursday`s incident showed other patrons telling officers the pair were doing nothing wrong and appeared to have been targeted merely because of their race. Police Commissioner Richard Ross said he knew the incident had prompted a lot of concern, but said his officers "did absolutely nothing wrong." In a video statement, Ross said store employees called 911 to report a disturbance and trespassing. When officers arrived, Ross said, staff told them the two men had wanted to use the restroom but were informed it was only for paying customers. The pair repeatedly refused to leave when politely asked to do so by the employees and officers, he said. "If you think about it logically, that if a business calls and they say that someone is here that I no longer wish to be in my business, they (the officers) now have a legal obligation to carry out their duties. And they did just that," Ross said. "They were professional in all their dealings with these gentlemen, and instead they got the opposite back." Ross said that as an African-American man he was acutely aware of implicit bias. "We are committed to fair and unbiased policing and anything less than that will not be tolerated in this department," he said. The two men were released, Ross said, after officers learned Starbucks was "no longer interested" in prosecuting them. In a post on Twitter earlier on Saturday, Starbucks Corp said it was sorry for what took place. Johnson added his apology, saying the company would review its policies and "further train our partners to better know when police assistance is warranted." Melissa DePino, an author who posted video of the arrest, said staff called police because the two men had not ordered anything while waiting for a friend. She said white customers were "wondering why it`s never happened to us when we do the same thing." Police departments across the United States have come under criticism for repeated instances of killing unarmed Afro-Americans in recent years, which activists blame on racial biases in the criminal justice system.

Starbucks chief executive apologises for arrests of two Afro-American men

In an unusual move, Axis Bank Managing Director and CEO Shikha Sharma wanted her new term to be reduced to seven months from three-year tenure that has been approved by the bank's board.

The Axis Bank board has accepted her request for a shorter seven-month term (from June 1 to December 31, 2018), subject to the approval of the Reserve Bank of India (RBI), the bank said in a regulatory filing.

Sharma would be completing her third term as MD and CEO of Axis Bank on May 31.

In a regulatory filing, the Axis Bank said on December 8 last year, the board had decided to reappoint Sharma as the Managing Director and CEO, for a period of three years with effect from June 1, 2018, subject to receipt of requisite approvals.

The re-appointment, however, was yet to get the approval of the Reserve Bank of India (RBI).&nbsp

"In this connection kindly note that Smt Shikha Sharma, Managing Director & CEO of the Bank has requested the Board to reconsider the period of her re-appointment as the Managing Director and CEO of the Bank to be revised from June 1, 2018, up to December 31, 2018," the bank said.

The filing did not elaborate why Sharma wanted her fourth term to be curtailed to seven months from three years.&nbsp

The Board, the filing said, has "accepted" her said request, subject to the approval of the RBI.

The private sector lender's NPAs jumped by over five-fold in recent fiscal years. The gross NPAs worth Rs4,110 crore at the end of March 2015 surged to Rs 21,280 crore at the end of March 2017. During the same period, the lender's net profit halved from Rs7,357.8 crore to Rs3,679.2 crore.&nbsp

Shikha Sharma has been the CEO of the third-biggest private sector Indian lender since 2009.

In an unusual move, Axis Bank Managing Director and CEO Shikha Sharma wanted her new term to be reduced to seven months from three-year tenure that has been approved by the bank's board. The Axis Bank board has accepted her request for a shorter seven-month term (from June 1 to December 31, 2018), subject to the approval of the Reserve Bank of India (RBI), the bank said in a regulatory filing. Sharma would be completing her third term as MD and CEO of Axis Bank on May 31. In a regulatory filing, the Axis Bank said on December 8 last year, the board had decided to reappoint Sharma as the Managing Director and CEO, for a period of three years with effect from June 1, 2018, subject to receipt of requisite approvals. The re-appointment, however, was yet to get the approval of the Reserve Bank of India (RBI). "In this connection kindly note that Smt Shikha Sharma, Managing Director & CEO of the Bank has requested the Board to reconsider the period of her re-appointment as the Managing Director and CEO of the Bank to be revised from June 1, 2018, up to December 31, 2018," the bank said. The filing did not elaborate why Sharma wanted her fourth term to be curtailed to seven months from three years. The Board, the filing said, has "accepted" her said request, subject to the approval of the RBI. The private sector lender's NPAs jumped by over five-fold in recent fiscal years. The gross NPAs worth Rs4,110 crore at the end of March 2015 surged to Rs 21,280 crore at the end of March 2017. During the same period, the lender's net profit halved from Rs7,357.8 crore to Rs3,679.2 crore.

Shikha Sharma seeks only 7-month term as Axis Bank chief

The BJP and the Congress have both denied that they have used the services of Cambridge Analytica, the London-based firm that has been accused of using user information sourced from Facebook to influence the 2016 US presidential election.&nbsp;

Cambridge Analytica has since sacked its CEO Alexander Nix, while Facebook founder Mark Zuckerberg has apologised for the data leak. &quot;This was a major breach of trust. I&#39;m really sorry this happened. We have a basic responsibility to protect people&#39;s data,&quot; Zuckerberg said.&nbsp;

After the Cambridge Analytica story broke, news reports here on Thursday said the company had worked in India in the past.&nbsp;

The news reports said the firm&#39;s services were used in the 2010 Bihar assembly elections and that the India partner of CA&#39;s parent company had worked with the BJP, the Congress and the JD(U).&nbsp;

The BJP and the Congress have so far said they had nothing to do with Cambridge Analytica.&nbsp;

News reports however said that the website of CA&#39;s India affiliate &mdash; Ovleno Business Intelligence or OBI &mdash; mentioned the BJP, Congress and the Janata Dal (United) of Nitish Kumar as clients.&nbsp;

The OBI website has since been suspended.&nbsp;

Ovleno is run by Amrish Tyagi, the son of JDU leader KC Tyagi.&nbsp;

WION was able to catch up with Tyagi, who said the information they make use of is all in the &quot;public domain&quot;. It is very easy, he added, to understand the past history of &quot;booth behaviour&quot;.&nbsp;

That &quot;you can easily find out&quot; how a booth might have &quot;behaved&quot; over the last three or four elections. The information, said Tyagi, can be sourced from the election comission website itself. That it is easily availabe and none of it is &quot;rocket science&quot;.&nbsp;

Watch the interview below:&nbsp;

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Cambridge Analytica has been accused of influencing the 2016 US elections. The BJP, Congress, and the JDU are reported to have used the firm's services here in India

The BJP and the Congress have both denied that they have used the services of Cambridge Analytica, the London-based firm that has been accused of using user information sourced from Facebook to influence the 2016 US presidential election. Cambridge Analytica has since sacked its CEO Alexander Nix, while Facebook founder Mark Zuckerberg has apologised for the data leak. "This was a major breach of trust. I'm really sorry this happened. We have a basic responsibility to protect people's data," Zuckerberg said. After the Cambridge Analytica story broke, news reports here on Thursday said the company had worked in India in the past. The news reports said the firm's services were used in the 2010 Bihar assembly elections and that the India partner of CA's parent company had worked with the BJP, the Congress and the JD(U). The BJP and the Congress have so far said they had nothing to do with Cambridge Analytica. News reports however said that the website of CA's India affiliate — Ovleno Business Intelligence or OBI — mentioned the BJP, Congress and the Janata Dal (United) of Nitish Kumar as clients. The OBI website has since been suspended. Ovleno is run by Amrish Tyagi, the son of JDU leader KC Tyagi. WION was able to catch up with Tyagi, who said the information they make use of is all in the "public domain". It is very easy, he added, to understand the past history of "booth behaviour". That "you can easily find out" how a booth might have "behaved" over the last three or four elections. The information, said Tyagi, can be sourced from the election comission website itself. That it is easily availabe and none of it is "rocket science". Watch the interview below:

Watch: Information we use is all in 'public domain', Cambridge Analytica's India affiliate tells WION

The government of India has asked to give the Supreme Court a power point presentation on the Aadhaar programme.&nbsp;

The presentation, should the court accept the proposition, will be given by the CEO, Dr Ajay Bhushan Pandey, of the UIDAI. The Unique Identification Authority of India is the body rolling out the programme.&nbsp;

The programme aims to give every single India a unique identification number, but it has gathered plenty of opposition.&nbsp;

The aim of the presentation is to allay those concerns.&nbsp;

The Chief Justice of India responded to the request, saying he would fix a time after discussing the matter with the other judges on the bench hearing the cases against Aadhaar.&nbsp;

&quot;There are technical points related to surveillance, data security and exclusion,&quot; the court said.&nbsp;

There were a number of petitions filed against the Aadhaar programme, with people saying that it is an invasion of privacy, and that it could be misused.&nbsp;

The court had clubbed all the petitions, saying it would hear them together.&nbsp;

Most recently, the court had extended &mdash; indefinitely, until its judgement was out &mdash; the date for the linking of Aadhaar numbers to cell phones, and bank accounts.&nbsp;

The earlier date to do the aforesaid linking was March 31, 2018

The presentation, should the court accept the proposition, will be given by the CEO, Dr Ajay Bhushan Pandey, of the UIDAI. The aim of the presentation is to allay people's fears about Aadhaar

The government of India has asked to give the Supreme Court a power point presentation on the Aadhaar programme. The presentation, should the court accept the proposition, will be given by the CEO, Dr Ajay Bhushan Pandey, of the UIDAI. The Unique Identification Authority of India is the body rolling out the programme. The programme aims to give every single India a unique identification number, but it has gathered plenty of opposition. The aim of the presentation is to allay those concerns. The Chief Justice of India responded to the request, saying he would fix a time after discussing the matter with the other judges on the bench hearing the cases against Aadhaar. "There are technical points related to surveillance, data security and exclusion," the court said. There were a number of petitions filed against the Aadhaar programme, with people saying that it is an invasion of privacy, and that it could be misused. The court had clubbed all the petitions, saying it would hear them together. Most recently, the court had extended — indefinitely, until its judgement was out — the date for the linking of Aadhaar numbers to cell phones, and bank accounts. The earlier date to do the aforesaid linking was March 31, 2018

Centre asks to give Supreme Court power point presentation on Aadhaar

World&#39;s largest furniture retailer Ikea on Monday named Peter Betzel as its new Chief Executive Officer (CEO) for its India business.&nbsp;

&quot;Betzel, a 25-year Ikea veteran, will take over from outgoing India CEO Juvencio Maeztu, who moves as the Chief Financial Officer and Deputy CEO of Ikea Group,&quot; said the Swedish home furnishings major in a statement here.

Peter Betzel&rsquo;s appointment as Ikea India CEO, replacing Juvencio Maetzu, comes ahead of the launch of Ikea&rsquo;s first India store in mid-2018.

The Swedish home furnishings company plans to open its first store in Hyderabad, followed by another in Mumbai in 2019.

Earlier, Ikea India said it plans to invest Rs 3,000-4,000 crore in Maharashtra over the next 2-3 years to set up multi-format stores and experience centres.

Ikea, which has been sourcing from India for over 30 years for its global stores, has 50 suppliers and 45,000 direct employees. With 403 stores in 49 countries worldwide, the 38-billion euro group company had 936 million customers visiting its stores worldwide and 2.3 billion hits on its online store in 2017. &nbsp; 
&nbsp;

World's largest furniture retailer Ikea on Monday named Peter Betzel as its new Chief Executive Officer (CEO) for its India business. "Betzel, a 25-year Ikea veteran, will take over from outgoing India CEO Juvencio Maeztu, who moves as the Chief Financial Officer and Deputy CEO of Ikea Group," said the Swedish home furnishings major in a statement here. Peter Betzel’s appointment as Ikea India CEO, replacing Juvencio Maetzu, comes ahead of the launch of Ikea’s first India store in mid-2018. The Swedish home furnishings company plans to open its first store in Hyderabad, followed by another in Mumbai in 2019. Earlier, Ikea India said it plans to invest Rs 3,000-4,000 crore in Maharashtra over the next 2-3 years to set up multi-format stores and experience centres. Ikea, which has been sourcing from India for over 30 years for its global stores, has 50 suppliers and 45,000 direct employees. With 403 stores in 49 countries worldwide, the 38-billion euro group company had 936 million customers visiting its stores worldwide and 2.3 billion hits on its online store in 2017.

IKEA India names Peter Betzel as new CEO, to open first store in mid-2018

The International Cricket Council on Friday appointed PepsiCo Chairman and CEO Indra Nooyi as the ICC board`s first independent female director.

Nooyi will join the world cricket governing body in June 2018 to align with the term of the ICC Independent Chairman, following the unanimous confirmation of her appointment.

The introduction of an Independent Director, who must be female, was approved by the ICC Full Council in June 2017 as part of wide-ranging constitutional change aimed at improving the global governance of the sport.

Reflecting on Nooyi&#39;s appointment, ICC Chairman Shashank Manohar said, &quot;We are delighted to welcome Indra to the ICC. Adding another independent director - particularly a female - is such an important step forward in improving our governance.

To have someone of Indra`s calibre is fantastic news for the global game - she is frequently recognized as one of the most influential people in business today, running one of the world`s biggest corporations.&quot;

&quot;We undertook a global search looking for the right candidate who would complement the existing skills and experience already on our Board. A cricket enthusiast with experience in the commercial sector and independent of the ICC, any Member or state or associated organization were the primary criteria and in Indra, we have found an exceptional new colleague and we look forward to working with her in the future.

&quot;Indra Nooyi said, &quot;I love the game of cricket. I played it as a teenager and in college, and to this day, I cherish the lessons the game taught me about teamwork, integrity, respect, and healthy competition. I am thrilled to join the ICC as the first person to be appointed to this role. And I look forward to working with my colleagues on the board, ICC`s incredible partners, and cricketers around the world to grow our sport responsibly and give our fans a new reason to follow every ball and shot.

&quot;The Independent Director will be appointed for a two-year term although she may be re-appointed for two further terms with a maximum six-year consecutive period of service.

&nbsp;

Nooyi PepsiCo's CEO, will join the world cricket governing body in June 2018 to align with the term of the ICC Independent Chairman, following the unanimous confirmation of her appointment

The International Cricket Council on Friday appointed PepsiCo Chairman and CEO Indra Nooyi as the ICC board`s first independent female director. Nooyi will join the world cricket governing body in June 2018 to align with the term of the ICC Independent Chairman, following the unanimous confirmation of her appointment. The introduction of an Independent Director, who must be female, was approved by the ICC Full Council in June 2017 as part of wide-ranging constitutional change aimed at improving the global governance of the sport. Reflecting on Nooyi's appointment, ICC Chairman Shashank Manohar said, "We are delighted to welcome Indra to the ICC. Adding another independent director - particularly a female - is such an important step forward in improving our governance. To have someone of Indra`s calibre is fantastic news for the global game - she is frequently recognized as one of the most influential people in business today, running one of the world`s biggest corporations." "We undertook a global search looking for the right candidate who would complement the existing skills and experience already on our Board. A cricket enthusiast with experience in the commercial sector and independent of the ICC, any Member or state or associated organization were the primary criteria and in Indra, we have found an exceptional new colleague and we look forward to working with her in the future. "Indra Nooyi said, "I love the game of cricket. I played it as a teenager and in college, and to this day, I cherish the lessons the game taught me about teamwork, integrity, respect, and healthy competition. I am thrilled to join the ICC as the first person to be appointed to this role. And I look forward to working with my colleagues on the board, ICC`s incredible partners, and cricketers around the world to grow our sport responsibly and give our fans a new reason to follow every ball and shot. "The Independent Director will be appointed for a two-year term although she may be re-appointed for two further terms with a maximum six-year consecutive period of service.

ICC appoints Indra Nooyi as its first independent female director

Patrick Doyle, Domino&#39;s chief executive officer will step down this June, the fast-food giant announced Tuesday.

Doyle will be replaced by Domino&#39;s current chief of international business, Richard Allison.

Doyle was named as Domino&#39;s CEO in the year 2010.&nbsp;

&quot;One of the great honors and opportunities of my professional life was being named CEO of this incredible brand in early 2010,&quot; Doyle said. &quot;At that time, I set three goals for myself: I wanted us to become the #1 pizza company in the world; I wanted Domino&#39;s to provide our franchisees with the best possible return on their investment by creating a dramatically better experience for our customers; and I wanted to have a Leadership Team in place that would be ready to create even better results into the future. I&#39;m proud to say that we&#39;ve accomplished all of those goals, and I will leave Domino&#39;s knowing that it is in great hands,&quot; Doyle was quoted on Domino&#39;s US website.&nbsp;

Domino&#39;s president for the United States, Russell Weiner, shall step up as the company&#39;s chief operating officer in a newly created role.&nbsp;

Both Weiner and Allison will assume their new roles from July 1, 2018.&nbsp;

(With inputs from Reuters)

Doyle was named as Domino's CEO in the year 2010

Patrick Doyle, Domino's chief executive officer will step down this June, the fast-food giant announced Tuesday. Doyle will be replaced by Domino's current chief of international business, Richard Allison. Doyle was named as Domino's CEO in the year 2010. "One of the great honors and opportunities of my professional life was being named CEO of this incredible brand in early 2010," Doyle said. "At that time, I set three goals for myself: I wanted us to become the #1 pizza company in the world; I wanted Domino's to provide our franchisees with the best possible return on their investment by creating a dramatically better experience for our customers; and I wanted to have a Leadership Team in place that would be ready to create even better results into the future. I'm proud to say that we've accomplished all of those goals, and I will leave Domino's knowing that it is in great hands," Doyle was quoted on Domino's US website. Domino's president for the United States, Russell Weiner, shall step up as the company's chief operating officer in a newly created role. Both Weiner and Allison will assume their new roles from July 1, 2018. (With inputs from Reuters)

Domino's CEO Patrick Doyle to step down in June

Infosys&nbsp;Ltd&#39;s new chairman said his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors frazzled by the recent shock exit of the firm&#39;s chief over a prolonged row with its founders.

<a href="http://www.wionews.com/india-news/my-role-will-be-oversight-governance-help-with-ceo-search-nandan-nilekani-19481">Nandan Nilekani, one of&nbsp;</a><a href="http://www.wionews.com/business-economy/reports-of-infosys-co-founder-nilekanis-board-return-trigger-stock-rebound-19453">Infosys&#39; seven founders and a former CEO</a>, was named chairman late Thursday in a victory for the founders, who led by Narayana Murthy have waged an increasingly acrimonious battle with the board for months over alleged corporate governance lapses.

Vishal Sikka, the first non-founder CEO of&nbsp;Infosys, resigned last week blaming Murthy for creating an &quot;untenable atmosphere&quot;, sparking a sell-off in&nbsp;Infosys&nbsp;shares and wiping billions of dollars off the company&#39;s market value.

&quot;I have come in to focus on the future of the company, I have come in to take the company forward and deal with its challenges,&quot; Nilekani told investors on a call on Friday, adding he would stay with the IT firm for as long as needed.

Earlier in the day, he tweeted: &quot;Joined @Infosys&nbsp;at 26, rejoined it at 62. Life does turn full circle!&quot;

Credited for increasing&nbsp;Infosys&#39; revenue to $2 billion from $500 million during his 2002-2007 stint as it chief, Nilekani said his key task would be to assist in the search for a new leader from within the company or outside, adding that&nbsp;Infosys&nbsp;alumni would also be considered for the role.

India&#39;s No. 2 software services exporter is looking for a CEO who will be able to manage a large global firm, accelerate strategy execution and oversee its transformation, he said.

Chief Operating Officer Pravin Rao has been named interim CEO and will remain in the post until a replacement is found.

The management reboot comes at a time when the firm, like the rest of India&#39;s over $150 billion IT sector, is bracing for a potential change in U.S. work visa rules that could restrict the movement of engineers and developers to its biggest market.

&quot;Any incremental news of stability is good, especially the fact that someone like a Nandan, who&#39;s one of the most successful CEOs in Indian corporate history, is back,&quot; said Vaibhav Dhasmana, IT analyst at Jefferies.

Nilekani, however, refrained from commenting on&nbsp;Infosys&#39; future strategy, apart from saying it would be aligned with global developments and that he saw tremendous opportunity in software, data and machine learning.

More businesses are trying to adopt automation and services such as big data, cloud, and analytics to become agile and prevent being disrupted by nimbler start-ups.

&quot;I have a very open mind. I will request our strategy team to take a complete inventory of all things that are going on,&quot; Nilekani said, adding the current strategy would be reviewed on the basis of market size, growth and other factors.

There will be no changes in the capital allocation policy and a $2 billion share buyback will also proceed as planned, Nilekani said.

Nilekani, who along with his family owns about 2.3 percent of&nbsp;Infosys&nbsp;and, according to Forbes, is worth $1.72 billion, would also need to tackle retention of senior level executives critical to rolling out strategy.

The architect of India&#39;s ambitious biometric identity program, Nilekani said he would engage with shareholders and customers, and resolve differences over corporate governance.

Disagreements between founders and the board centered around a rise in Sikka&#39;s pay, the acquisition of automation firm Panaya for $200 million and a severance package offered to a former finance chief.

Infosys&nbsp;shares plumbed a more than three-year low on Monday but they have risen since on expectations of Nilekani&#39;s return. Indian markets were closed for a public holiday on Friday.

Vishal Sikka, the first non-founder CEO of Infosys, resigned last week blaming Murthy

Infosys Ltd's new chairman said his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors frazzled by the recent shock exit of the firm's chief over a prolonged row with its founders. Nandan Nilekani, one of Infosys' seven founders and a former CEO, was named chairman late Thursday in a victory for the founders, who led by Narayana Murthy have waged an increasingly acrimonious battle with the board for months over alleged corporate governance lapses. Vishal Sikka, the first non-founder CEO of Infosys, resigned last week blaming Murthy for creating an "untenable atmosphere", sparking a sell-off in Infosys shares and wiping billions of dollars off the company's market value. "I have come in to focus on the future of the company, I have come in to take the company forward and deal with its challenges," Nilekani told investors on a call on Friday, adding he would stay with the IT firm for as long as needed. Earlier in the day, he tweeted: "Joined @Infosys at 26, rejoined it at 62. Life does turn full circle!" Credited for increasing Infosys' revenue to $2 billion from $500 million during his 2002-2007 stint as it chief, Nilekani said his key task would be to assist in the search for a new leader from within the company or outside, adding that Infosys alumni would also be considered for the role. India's No. 2 software services exporter is looking for a CEO who will be able to manage a large global firm, accelerate strategy execution and oversee its transformation, he said. Chief Operating Officer Pravin Rao has been named interim CEO and will remain in the post until a replacement is found. The management reboot comes at a time when the firm, like the rest of India's over $150 billion IT sector, is bracing for a potential change in U.S. work visa rules that could restrict the movement of engineers and developers to its biggest market. "Any incremental news of stability is good, especially the fact that someone like a Nandan, who's one of the most successful CEOs in Indian corporate history, is back," said Vaibhav Dhasmana, IT analyst at Jefferies. Nilekani, however, refrained from commenting on Infosys' future strategy, apart from saying it would be aligned with global developments and that he saw tremendous opportunity in software, data and machine learning. More businesses are trying to adopt automation and services such as big data, cloud, and analytics to become agile and prevent being disrupted by nimbler start-ups. "I have a very open mind. I will request our strategy team to take a complete inventory of all things that are going on," Nilekani said, adding the current strategy would be reviewed on the basis of market size, growth and other factors. There will be no changes in the capital allocation policy and a $2 billion share buyback will also proceed as planned, Nilekani said. Nilekani, who along with his family owns about 2.3 percent of Infosys and, according to Forbes, is worth $1.72 billion, would also need to tackle retention of senior level executives critical to rolling out strategy. The architect of India's ambitious biometric identity program, Nilekani said he would engage with shareholders and customers, and resolve differences over corporate governance. Disagreements between founders and the board centered around a rise in Sikka's pay, the acquisition of automation firm Panaya for $200 million and a severance package offered to a former finance chief. Infosys shares plumbed a more than three-year low on Monday but they have risen since on expectations of Nilekani's return. Indian markets were closed for a public holiday on Friday.

Infosys chairman Nandan Nilekani's priorities: Focus on CEO search, new board

Vishal Sikka has&nbsp;resigned as the managing director and CEO of Infosys.

The board of directors of Infosys Ltd have accepted Sikka&#39;s&nbsp;resignation, reports said.

U B Pravin Rao has been appointed as interim-managing director and chief executive.&nbsp;Sikka has now been appointed as executive vice-chairman, Infosys said.

Sikka&#39;s exit hit the Infosys stocks as it tanked 6 per cent in morning trade.

&quot;Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks,&quot; Sikka said in his statement to the company&#39;s board.

&quot;The distractions that we have seen, the constant drumbeat of the same issues over and over again, while ignoring and undermining the good work that has been done, take the excitement and passion out of this amazing journey,&quot; he said in his resignation letter.

Read the full text of Sikka&#39;s resignation letter below:&nbsp;

Over the last few days, since our earlier call, I&rsquo;ve met Sesh several times, talked to you individually at length, and spent time thinking things thru with Vandana. During this time, one of our employees, Sandeep Karamongikar, died in his sleep, likely of a massive heart attack. He was working on the chatbot frontend in Nia. Also over the weekend, in possibly the greatest demonstration of AI capability ever, a bot built by the researchers at OpenAI (yes, that OpenAI), defeated the world&rsquo;s best players of DOTA2, a multiplayer online video game, a game where the bot learned to play entirely from scratch. Further demonstrating that the force to automate routine, even advanced, activities is an unstoppable and exponential one. And the Charlottesville incident here in the US demonstrated once again the power of words and silences to cause real damage, or to heal.

After much reflection, I have concluded that it is indeed time for me to leave my current positions as MD and CEO, and I have communicated my resignation to Sesh. I will be working closely with Sesh, Ravi, Pravin, with all of you, and the senior management team to plan out the details and the timelines to ensure a smooth transition and in the meantime, continue our work without disruption, and ensuring that we protect our company, the employees, the clients, and the interests of every shareholder. You can count on my commitment to this.

I came here to help navigate the company through what I saw as a massive transformation opportunity, to transform our company and restore strong profitable growth, as well as help transform the business of our customers. I came to do this with the power of technology, given my experiences with similar transformations, my background in AI, and the structural changes that I saw happening in the IT services industry. This needed new skills, new thinking, new initiatives, and a transformation in the culture, from a cost-oriented value delivery, to entrepreneurship oriented value delivery. You have heard me articulate this many times before.

This type of a transformation has always been a passion for me, indeed I took this job for this reason. We have achieved much in the last 3+ years, and for sure we can all be proud of the powerful seeds of transformation that have already been sowed. No one anticipated the additional headwinds like the geo-political disruptions (Brexit, Trump, visa etc.) that made this transformation even more challenging, but also rewarding. But, the distractions that we have seen, the constant drumbeat of the same issues over and over again, while ignoring and undermining the good work that has been done, take the excitement and passion out of this amazing journey. Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks. Allegations that have been repeatedly proven false and baseless by multiple, independent investigations. But despite this, the attacks continue, and worse still, amplified by the very people from whom we all expected the most steadfast support in this great transformation. This continuous drumbeat of distractions and negativity over the last several months/quarters, inhibits our ability to make positive change and stay focused on value creation. Addressing the noise by itself is damaging; hundreds of hours of my own time has gone into this recently. But the structural challenges this engenders within the organization, has a very damaging effect on our ability to carry out any kind of a transformation, especially one that is as fundamental as transforming from a cost-oriented to an innovation oriented value delivery to clients.

Therefore, I have come to this moment and the end of this journey. I hope that it gives everyone a chance to reflect, and give the transformation effort another big push and move the company forward rapidly to build its future, to build upon the foundation that we have laid over these past 3 years. If these types of attacks continue, I hope each of you will continue to be the voice of fairness and reason &ndash; providing the active, emphatic and unequivocal support that the company, the management, the employees, and all of the stakeholders and friends of the company need in order to succeed. Since the board deeply believes in the cause we have started, I will be happy to support all of you to achieve a smooth transition, and serve as your Executive Vice Chair as discussed.

I would like to thank each one of you, my dear colleagues, my friends and mentors, and look forward to working with you to close this chapter and open a great new one for all of us.

He will now be the executive vice chairman

Vishal Sikka has resigned as the managing director and CEO of Infosys. The board of directors of Infosys Ltd have accepted Sikka's resignation, reports said. U B Pravin Rao has been appointed as interim-managing director and chief executive. Sikka has now been appointed as executive vice-chairman, Infosys said. Sikka's exit hit the Infosys stocks as it tanked 6 per cent in morning trade. "Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks," Sikka said in his statement to the company's board. "The distractions that we have seen, the constant drumbeat of the same issues over and over again, while ignoring and undermining the good work that has been done, take the excitement and passion out of this amazing journey," he said in his resignation letter. Read the full text of Sikka's resignation letter below: Over the last few days, since our earlier call, I’ve met Sesh several times, talked to you individually at length, and spent time thinking things thru with Vandana. During this time, one of our employees, Sandeep Karamongikar, died in his sleep, likely of a massive heart attack. He was working on the chatbot frontend in Nia. Also over the weekend, in possibly the greatest demonstration of AI capability ever, a bot built by the researchers at OpenAI (yes, that OpenAI), defeated the world’s best players of DOTA2, a multiplayer online video game, a game where the bot learned to play entirely from scratch. Further demonstrating that the force to automate routine, even advanced, activities is an unstoppable and exponential one. And the Charlottesville incident here in the US demonstrated once again the power of words and silences to cause real damage, or to heal. After much reflection, I have concluded that it is indeed time for me to leave my current positions as MD and CEO, and I have communicated my resignation to Sesh. I will be working closely with Sesh, Ravi, Pravin, with all of you, and the senior management team to plan out the details and the timelines to ensure a smooth transition and in the meantime, continue our work without disruption, and ensuring that we protect our company, the employees, the clients, and the interests of every shareholder. You can count on my commitment to this. I came here to help navigate the company through what I saw as a massive transformation opportunity, to transform our company and restore strong profitable growth, as well as help transform the business of our customers. I came to do this with the power of technology, given my experiences with similar transformations, my background in AI, and the structural changes that I saw happening in the IT services industry. This needed new skills, new thinking, new initiatives, and a transformation in the culture, from a cost-oriented value delivery, to entrepreneurship oriented value delivery. You have heard me articulate this many times before. This type of a transformation has always been a passion for me, indeed I took this job for this reason. We have achieved much in the last 3+ years, and for sure we can all be proud of the powerful seeds of transformation that have already been sowed. No one anticipated the additional headwinds like the geo-political disruptions (Brexit, Trump, visa etc.) that made this transformation even more challenging, but also rewarding. But, the distractions that we have seen, the constant drumbeat of the same issues over and over again, while ignoring and undermining the good work that has been done, take the excitement and passion out of this amazing journey. Over the last many months and quarters, we have all been besieged by false, baseless, malicious and increasingly personal attacks. Allegations that have been repeatedly proven false and baseless by multiple, independent investigations. But despite this, the attacks continue, and worse still, amplified by the very people from whom we all expected the most steadfast support in this great transformation. This continuous drumbeat of distractions and negativity over the last several months/quarters, inhibits our ability to make positive change and stay focused on value creation. Addressing the noise by itself is damaging; hundreds of hours of my own time has gone into this recently. But the structural challenges this engenders within the organization, has a very damaging effect on our ability to carry out any kind of a transformation, especially one that is as fundamental as transforming from a cost-oriented to an innovation oriented value delivery to clients. Therefore, I have come to this moment and the end of this journey. I hope that it gives everyone a chance to reflect, and give the transformation effort another big push and move the company forward rapidly to build its future, to build upon the foundation that we have laid over these past 3 years. If these types of attacks continue, I hope each of you will continue to be the voice of fairness and reason – providing the active, emphatic and unequivocal support that the company, the management, the employees, and all of the stakeholders and friends of the company need in order to succeed. Since the board deeply believes in the cause we have started, I will be happy to support all of you to achieve a smooth transition, and serve as your Executive Vice Chair as discussed. I would like to thank each one of you, my dear colleagues, my friends and mentors, and look forward to working with you to close this chapter and open a great new one for all of us.

Vishal Sikka resigns as MD & CEO of Infosys, stocks tank in morning trade

Starbucks chairman Howard Schultz is stepping down as CEO to focus on new high-end coffee shops, handing over to chief operating officer Kevin Johnson, PTI reported.

Schultz, 63, will continue to serve as chairman of the board and will be the executive chairman from April 2017.

In the new role, Schultz will focus on the &quot;next wave of retail innovation&quot;, design and development of Starbucks Reserve Roasteries around the world, expansion of the Starbucks Reserve retail store format and social impact initiatives, the company said.

&quot;I will remain Starbucks executive chairman, focusing full-time on the incredible growth opportunities we have in expanding Roasteries and building out our portfolio of Reserve stores and on Starbucks social impact agenda which will be a significant part of the focus going forward,&quot; PTI reported Schultz as saying in a media conference yesterday.

Schultz is credited with doubling the company&#39;s revenues since he returned for his second stint in 2008, surpassing USD 20 billion for the first time over the past 12 months.

Starbucks now has 25,000 stores in 75 countries, including India.

Schultz&#39;s career spans 33 years in the technology industry - a 16-year career at Microsoft and in 2008, he was appointed to the National Security Telecommunication Advisory Committee of Presidents George Bush and Barack Obama.

Schultz said that the Roastery has &quot;become a learning laboratory for breakthrough innovation and experiential design and a beacon for the next wave of Starbucks global growth and evolution.&quot;

&quot;We share a passion for customer-focused innovation and a commitment to preserving Starbucks heritage. Our complementary backgrounds my entrepreneurial journey building Starbucks and Kevin&#39;s decades spent scaling global businesses will continue to help Starbucks navigate this new period of worldwide growth and innovation,&quot; he said about Johnson.

(WION with inputs from PTI)

Schultz, 63, will continue to serve as chairman of the board and will be the executive chairman from April 2017

Starbucks chairman Howard Schultz is stepping down as CEO to focus on new high-end coffee shops, handing over to chief operating officer Kevin Johnson, PTI reported. Schultz, 63, will continue to serve as chairman of the board and will be the executive chairman from April 2017. In the new role, Schultz will focus on the "next wave of retail innovation", design and development of Starbucks Reserve Roasteries around the world, expansion of the Starbucks Reserve retail store format and social impact initiatives, the company said. "I will remain Starbucks executive chairman, focusing full-time on the incredible growth opportunities we have in expanding Roasteries and building out our portfolio of Reserve stores and on Starbucks social impact agenda which will be a significant part of the focus going forward," PTI reported Schultz as saying in a media conference yesterday. Schultz is credited with doubling the company's revenues since he returned for his second stint in 2008, surpassing USD 20 billion for the first time over the past 12 months. Starbucks now has 25,000 stores in 75 countries, including India. Schultz's career spans 33 years in the technology industry - a 16-year career at Microsoft and in 2008, he was appointed to the National Security Telecommunication Advisory Committee of Presidents George Bush and Barack Obama. Schultz said that the Roastery has "become a learning laboratory for breakthrough innovation and experiential design and a beacon for the next wave of Starbucks global growth and evolution." "We share a passion for customer-focused innovation and a commitment to preserving Starbucks heritage. Our complementary backgrounds my entrepreneurial journey building Starbucks and Kevin's decades spent scaling global businesses will continue to help Starbucks navigate this new period of worldwide growth and innovation," he said about Johnson. (WION with inputs from PTI)

Starbucks' Howard Schultz to step down as CEO

Media giant Viacom&#39;s nasty corporate power struggle ended&nbsp;on Friday&nbsp;with 93-year-old mogul Sumner Redstone remaining atop his empire and chief executive Philippe Dauman walking.

Viacom chief operating officer Tom Dooley took over as interim chief, with Dauman remaining non-executive chairman until he leaves the board on&nbsp;September 13, according to a copy of a memo obtained by AFP.

&quot;Late last night the boards of Viacom and National Amusements approved an agreement to settle their dispute,&quot; Dooley said in the memo.

&quot;The final agreement is expected to be signed and announced shortly.&quot;

The agreement expands the size of the board, adding five new directors nominated by National Amusements, according to Dooley.

Various media outlets, including the Wall Street Journal, reported that Dauman agreed to resign in exchange for a $72 million severance package.

Under terms of the deal, Dauman would end legal battles against Redstone and his daughter&nbsp;Shari.

The litigation threatened to make public details about the health of the elder Redstone, whose fitness and mental status had already been questioned in legal proceedings by a former companion who described him as &quot;a living ghost.&quot;
Power grab

Viacom&#39;s management, led by Dauman and board member George Abrams, have alleged in court that Shari Redstone effectively controls her ailing father and is making a power grab for his $40 billion media empire.

It includes entertainment conglomerate Viacom which is home to the Paramount Pictures movie studio, and television group CBS.

Dauman and Abrams sought in a Massachusetts court to speed up their fight against being dismissed as trustees of National Amusements Trust, which controls Sumner Redstone&#39;s National Amusements holding company.

They asked the court to quickly order a medical examination of Redstone, alleging he is not mentally competent to make business decisions and that he was being manipulated by his daughter, who was supposedly behind their dismissals.

&quot;He is a 93-year-old man suffering from overwhelming physical ailments, including an inability to speak, stand, walk, eat, write or read,&quot; they alleged.

&quot;He suffers from a progressive neurological disease characterized by dementia.&quot;

A judge in Delaware last month gave the green light for a separate trial over the removal of five Viacom board members, including Dauman. The trial, scheduled for October, would examine Redstone&#39;s ability to manage his operations.

&quot;National Amusements exercised its indisputable rights as Viacom&#39;s majority shareholder to make changes to Viacom&#39;s board,&quot; a spokesperson said at the time.

And in California, a judge dismissed a suit by Redstone&#39;s ex-girlfriend Manuela Herzer who alleged he was incapable of making the decision to kick her out of his house, and requested that she be reappointed his caretaker.

Paramount Pictures play

Long, considered very close to the tycoon&nbsp;Dauman, was ousted in recent months from positions managing the family fortune.

Remaining for a time as non-executive chairman of the board could give Dauman a chance to pitch his plan to sell as much as 49 per cent of Paramount Pictures, according to reports.

That plan is said to be one of the main points of contention with the Redstone family.

Many investors, however, have been critical of Dauman for not reacting more effectively to the rise of online video and a slide in the Viacom share price. 
 
(AFP)

The company's chief executive had accused 93-year-old chairman Sumner Redstone of being unfit to run the media empire

Media giant Viacom's nasty corporate power struggle ended on Friday with 93-year-old mogul Sumner Redstone remaining atop his empire and chief executive Philippe Dauman walking. Viacom chief operating officer Tom Dooley took over as interim chief, with Dauman remaining non-executive chairman until he leaves the board on September 13, according to a copy of a memo obtained by AFP. "Late last night the boards of Viacom and National Amusements approved an agreement to settle their dispute," Dooley said in the memo. "The final agreement is expected to be signed and announced shortly." The agreement expands the size of the board, adding five new directors nominated by National Amusements, according to Dooley. Various media outlets, including the Wall Street Journal, reported that Dauman agreed to resign in exchange for a $72 million severance package. Under terms of the deal, Dauman would end legal battles against Redstone and his daughter Shari. The litigation threatened to make public details about the health of the elder Redstone, whose fitness and mental status had already been questioned in legal proceedings by a former companion who described him as "a living ghost." Power grab Viacom's management, led by Dauman and board member George Abrams, have alleged in court that Shari Redstone effectively controls her ailing father and is making a power grab for his $40 billion media empire. It includes entertainment conglomerate Viacom which is home to the Paramount Pictures movie studio, and television group CBS. Dauman and Abrams sought in a Massachusetts court to speed up their fight against being dismissed as trustees of National Amusements Trust, which controls Sumner Redstone's National Amusements holding company. They asked the court to quickly order a medical examination of Redstone, alleging he is not mentally competent to make business decisions and that he was being manipulated by his daughter, who was supposedly behind their dismissals. "He is a 93-year-old man suffering from overwhelming physical ailments, including an inability to speak, stand, walk, eat, write or read," they alleged. "He suffers from a progressive neurological disease characterized by dementia." A judge in Delaware last month gave the green light for a separate trial over the removal of five Viacom board members, including Dauman. The trial, scheduled for October, would examine Redstone's ability to manage his operations. "National Amusements exercised its indisputable rights as Viacom's majority shareholder to make changes to Viacom's board," a spokesperson said at the time. And in California, a judge dismissed a suit by Redstone's ex-girlfriend Manuela Herzer who alleged he was incapable of making the decision to kick her out of his house, and requested that she be reappointed his caretaker. Paramount Pictures play Long, considered very close to the tycoon Dauman, was ousted in recent months from positions managing the family fortune. Remaining for a time as non-executive chairman of the board could give Dauman a chance to pitch his plan to sell as much as 49 per cent of Paramount Pictures, according to reports. That plan is said to be one of the main points of contention with the Redstone family. Many investors, however, have been critical of Dauman for not reacting more effectively to the rise of online video and a slide in the Viacom share price. (AFP)

Viacom power struggle ends as CEO agrees to walk out

Suzuki Motor Corp, on Wednesday, tapped the son of the company patriarch to become chief executive, keeping management of Japan`s fourth-largest automaker with the founding family as it tries to recover from a testing scandal. 
 
The widely expected announcement followed an annual shareholders meeting earlier in the day, when the company said it anticipated &quot;major&quot; impact from volatility in currency markets after Britain voted to leave the European Union. 
 
Toshihiro Suzuki, 57, assumes his role after his father, long-serving chairman Osamu, last month said he would step down as CEO to take responsibility for the firm&#39;s use of incorrect testing methods to calculate vehicle mileage. 
 
Osamu, 86, will remain chairman. Having led the company since 1978, the patriarch will extend his run as one of the longest-serving global auto executives, raising questions about how much longer he can run the company. 
 
Analysts said that while succession had been a long time coming, having father and son in the top two positions means Osamu would reign as he has for nearly 40 years. 
 
&quot;So long as Osamu-san remains chairman, nothing much is going to change,&quot; Marusan Securities analyst Hiroaki Mochida said. 
 
But Mochida said in the near term, Osamu was the best hope in fighting off competition in emerging markets including India, where Suzuki commands a market share of around 40 per cent. 
 
Wednesday&#39;s announcement marks the second executive position passed on by Osamu to his eldest son, who becomes CEO nearly a year after being appointed president as part of the succession plan. 
 
Quiet and soft-spoken in comparison to his outspoken father, Toshihiro joined Suzuki in 1994 after a stint at parts supplier Denso Corp, and led the company&#39;s product planning and global marketing divisions. 
 
Brexit Impact 
 
Earlier on Wednesday, Osamu brushed off a call from a shareholder to relinquish control to take responsibility for lax procedures which led to the use of wrong testing methods, sullying Suzuki`s brand image. 
 
&quot;Stepping down (completely) to take responsibility is irresponsible,&quot; Osamu told applauding investors. &quot;It`s important to stay at the company to prevent a repeat of the worst scandal facing the company (since I&#39;ve led it).&quot; 
 
At the meeting, the company said volatility in the Indian rupee and euro would have a negative impact on earnings, adding it would mitigate the impact through cost-cutting and increased local procurement at overseas plants. 
 
Budgeting for exchange rates of around 105 Yen to the US Dollar and 120 Yen to the Euro through March, Suzuki is already bracing for a 62.0 billion Yen ($605.59 million) hit this year due to currencies, contributing to a 7.8 per cent slide in annual operating profit versus the year earlier. 
 
Analysts said a rise to 100 Yen and 110 Yen in the Dollar and Euro respectively will weigh on operating profit by around five per cent this year, lower than the average hit of around 17 per cent across Japanese automakers expected by JPMorgan analysts. 
 
With a diversified production base featuring India and Hungary, Suzuki has lower currency exposure than Japanese peers. The automaker produces roughly 6.5 per cent of output in Europe, compared with around 59 per cent in Asia excluding China. 
 
(Reuters)

Toshihiro Suzuki assumes his role after his father steps down as CEO to take responsibility for the firm's use of incorrect testing methods

Suzuki Motor Corp, on Wednesday, tapped the son of the company patriarch to become chief executive, keeping management of Japan`s fourth-largest automaker with the founding family as it tries to recover from a testing scandal. The widely expected announcement followed an annual shareholders meeting earlier in the day, when the company said it anticipated "major" impact from volatility in currency markets after Britain voted to leave the European Union. Toshihiro Suzuki, 57, assumes his role after his father, long-serving chairman Osamu, last month said he would step down as CEO to take responsibility for the firm's use of incorrect testing methods to calculate vehicle mileage. Osamu, 86, will remain chairman. Having led the company since 1978, the patriarch will extend his run as one of the longest-serving global auto executives, raising questions about how much longer he can run the company. Analysts said that while succession had been a long time coming, having father and son in the top two positions means Osamu would reign as he has for nearly 40 years. "So long as Osamu-san remains chairman, nothing much is going to change," Marusan Securities analyst Hiroaki Mochida said. But Mochida said in the near term, Osamu was the best hope in fighting off competition in emerging markets including India, where Suzuki commands a market share of around 40 per cent. Wednesday's announcement marks the second executive position passed on by Osamu to his eldest son, who becomes CEO nearly a year after being appointed president as part of the succession plan. Quiet and soft-spoken in comparison to his outspoken father, Toshihiro joined Suzuki in 1994 after a stint at parts supplier Denso Corp, and led the company's product planning and global marketing divisions. Brexit Impact Earlier on Wednesday, Osamu brushed off a call from a shareholder to relinquish control to take responsibility for lax procedures which led to the use of wrong testing methods, sullying Suzuki`s brand image. "Stepping down (completely) to take responsibility is irresponsible," Osamu told applauding investors. "It`s important to stay at the company to prevent a repeat of the worst scandal facing the company (since I've led it)." At the meeting, the company said volatility in the Indian rupee and euro would have a negative impact on earnings, adding it would mitigate the impact through cost-cutting and increased local procurement at overseas plants. Budgeting for exchange rates of around 105 Yen to the US Dollar and 120 Yen to the Euro through March, Suzuki is already bracing for a 62.0 billion Yen ($605.59 million) hit this year due to currencies, contributing to a 7.8 per cent slide in annual operating profit versus the year earlier. Analysts said a rise to 100 Yen and 110 Yen in the Dollar and Euro respectively will weigh on operating profit by around five per cent this year, lower than the average hit of around 17 per cent across Japanese automakers expected by JPMorgan analysts. With a diversified production base featuring India and Hungary, Suzuki has lower currency exposure than Japanese peers. The automaker produces roughly 6.5 per cent of output in Europe, compared with around 59 per cent in Asia excluding China. (Reuters)

Suzuki Motor appoints founding family scion as CEO

Facebook Inc&#39;s board has proposed removing Mark Zuckerberg&#39;s majority voting control in the event of the social media giant&#39;s chief executive and founder deciding to exit management at some point in future. 
 
In a proxy filing on Thursday with the U.S. Securities and Exchange Commission, Facebook&#39;s board said it will ask shareholders to vote on a proposal that would convert Zuckerberg&#39;s Class B shares into Class A shares if he is no longer in a leadership position. 
 
As of June 2, Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. 
 
The proposed move - to be voted on at Facebook&#39;s annual general meeting on June 20 - is designed to make sure a future Facebook chief&#39;s management powers aren&#39;t limited, said&nbsp;the board . 
 
&quot;These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company,&quot; the board said in the filing. 
 
Under current provisions, Zuckerberg is allowed to hold Class B shares and exercise majority voting control even if leaves the company. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.

As of June 2, Mark Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares representing about 53.8 per cent of total outstanding voting power and 14.8 per cent of total outstanding economic interests

Facebook Inc's board has proposed removing Mark Zuckerberg's majority voting control in the event of the social media giant's chief executive and founder deciding to exit management at some point in future. In a proxy filing on Thursday with the U.S. Securities and Exchange Commission, Facebook's board said it will ask shareholders to vote on a proposal that would convert Zuckerberg's Class B shares into Class A shares if he is no longer in a leadership position. As of June 2, Zuckerberg owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests. The proposed move - to be voted on at Facebook's annual general meeting on June 20 - is designed to make sure a future Facebook chief's management powers aren't limited, said the board . "These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," the board said in the filing. Under current provisions, Zuckerberg is allowed to hold Class B shares and exercise majority voting control even if leaves the company. Zuckerberg would also be allowed to pass his Class B shares, and possibly his majority voting control, to descendants after his death.

Facebook board seeks curb in Zuckerberg control in event of founder's departure

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