More firms have India-origin CEOs; but profits are down
The list, topped by retail giant Wal-Mart, has banking major Citigroup, which has Nagpur-born Vikram Pandit as its CEO, at 8th position. India Inc's hotshots
By PTI |
NEW YORK: It may be reining gold for India origin executives as they are reaching the corner room of more Fortune-listed American firms but, ironically, total profit of such entities has more than halved in a year's time.
Compared to six last year, as many as 10 Fortune firms are now headed by CEOs of India origin, but the cumulative profits of these entities is down by half during this period, an analysis of the Fortune 1000 list reveals.
The US business magazine Fortune ranks America's biggest firms based on their full-year revenues in this annual list.
The list, topped by retail giant Wal-Mart, has banking major Citigroup, which has Nagpur-born Vikram Pandit as its CEO, at 8th position - the top slot for any PIO-run firms.
Compared to six last year, as many as 10 Fortune firms are now headed by CEOs of India origin, but the cumulative profits of these entities is down by half during this period, an analysis of the Fortune 1000 list reveals.
The US business magazine Fortune ranks America's biggest firms based on their full-year revenues in this annual list.
The list, topped by retail giant Wal-Mart, has banking major Citigroup, which has Nagpur-born Vikram Pandit as its CEO, at 8th position - the top slot for any PIO-run firms.
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Together, the 10 companies have recorded a revenue of about 253 billion dollars for year 2007, which marks an increase of about $20 billion from a year ago. The six PIO-run firms in last year's Fortune 1000 list had a total revenue of about $233 billion.
However, the cumulative profit of the 10 companies in Fortune's 2008 list stands at about $13 billion, down from more than $34 billion earned by six firms that were on the last year's list.
While LSI Corporation, run by Abhijit Y Talwarkar, has recorded a loss, the annual profit has declined for three others, namely Citigroup, Rajiv L Gupta-headed specialty chemicals firm Rohm & Haas and Surya Mohapatra-run medical devices maker Quest Diagnostics.
However, the full-year revenue has increased for as many as nine companies, except for Hartford Financial Services, run by Ramani Ayer.
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