With Cyrus Mistry joining the ranks of CEOs who were ignominiously fired, the old gag about a government job being the only ‘secure’ job in India is doing the rounds again. Here’s a quick look at when the high-and-mighty fell from their pedestals.
The sacking of Cyrus Mistry came as a bolt from the blue following a tumultuous difference in Tata Steel’s acquisition of Corus, a UK based steel manufacturer. Mistry was unceremoniously removed as the chairman of Tata Sons to be replaced by Ratan Tata on 24th Oct’.
Phaneesh Murthy, iGATE
Murthy was appointed the Director of Infosys Ltd in 2000, only to be fired in 2002. In 2003, he became the CEO at iGATE Corporation, but was sacked in 2013 following a sexual harassment claim by an employee in the company.
Rahul Yadav, Housing.com
The poster boy of Indian start-ups soon turned into everyone’s favourite punching bag – thanks to his ‘off-the-hip’ statements. The Board showed him the door, stating that his behaviour was “not befitting of a CEO and was detrimental to the company.”
Sachin Bansal, Flipkart
The CEO & Co-founder of India’s largest online retail company was similarly replaced, with “performance issues” being cited as the reason.
Manoj Kumar, Ricoh India
Not all companies sack a CEO dishonourably. Some just subtly “ask them to go on a leave”. In April this year, Ricoh India sent its top management, including Manoj Kumar, on leave after the BSE accused it of non-compliance. The company failed to submit its review reports to the regulator for two consecutive quarters in September and December 2015.
Katsushi Inoue, India Head, Honda Cars
Barely a year into the job, Inoue was asked to step down by Honda in Feb’, 2016, following a “not-so-satisfactory” performance by Honda models Brio and Mobilio.
Raj Jain, Walmart India
Some CEO exits just flew out of nowhere, and remained wrapped in a cloak thereafter. Talk about July 2013, when Scott Price, President & CEO, Walmart, announced that Jain “was no longer with the company”.