Who the hell is Rich Barton?
Web was a new concept back in 1999 when Rich Barton, 45, decided to start up a new venture Expedia.com, the world's largest online travel agency. He was named as one of the top 100 innovators under 35 by MIT Technology Review in 2002. After creating history with Expedia, he decided to take off another online real estate company Zillow in 2005. The third quarter ending Sept. 30, 2012, Expedia reported $3.06 billion in sales. He was not satisfied with his entrepreneurial spirit. He is now aiming at changing the style of job hunting with his 3rd venture which will give job seekers an insight on jobs by posts by anonymous employees on salaries and company reviews. The startup has already raised $42.2 million till date.
Alibaba boss steps down
Jack Ma, who has been the CEO of Chinese e-commerce giant Alibaba for the past 14 years (since it was founded in 1999), will step down on May 10, 2013 but will remain as company chairman. The move comes just days after Alibaba said it was breaking up its business into 25 different units that will be led by different executives. Ma and 17 others had successfully transformed Alibaba as an online marketplace for Chinese companies. The business grew as economic liberalization spurred a boom in manufacturing and trade. It has expanded its workforce to more than 24,000 and added services including cloud computing, online payment and consumer auctions.
Expected Layoffs in Global Firms
Almost every corporate firm across the globe is trying to survive in the post-crisis world in the most convenient manner. In that light, global giants like Goldman Sachs and Mogan Stanley are planning to layoff massively this year. Morgan Stanley plans 1,600 job cuts in 2013, while Goldman cut 900 jobs in 2012, equal to about 3% of its work force. In the same lines, across Wall Street average pay could fall by 20% in trading businesses.
Is recession over in 2013?
The bi-annual Global Economic Prospects report by the World Bank indicates towards a gloomy picture of the world economy. It has revised its projection that the world growth to be 2.4% this year, down on the 3% forecasted in last June.
Most Innovative companies (Forbes)
The End of a great era!
Ratan Naval Tata also known as Ratan Tata, who led the transformation of the Tata group from a conventional corporate house into a $100 billion global conglomerate with high-profile acquisitions abroad, has retired on 28th December 2012 when he turned 75. He wore the cap of Chairman in his head in 1992 while he had succeeded the legendary J.R.D. Tata. During his tenure, the group has reached to a new height when it became a $100.09 billion (around Rs. 475,721 crore) conglomerate in 2011-12 from a mere Rs. 10,000 crore in 1971. Cyrus Mistry has taken over the company from Tata and he has massive challenges ahead to continue the legacy to another height. However, Ratan Tata advised Mistry by saying "Be your own man, you should take your own call and you should decide what you want to."
Airtel shakes up
Bharti Airtel Limited is in a mess as the company has registered a trend of declining profits during last few quarters and has witnessed the lowest share price recently. Thus, the company is planning to replace its current CEO, Sanjay Kapoor. As per Reuters report, he will quit from his role as CEO of India and South Asia in March. He has served the company almost 15 years. Currently, Group Director of Special Projects Gopal Vittal is going to wear the boot of CEO and will be responsible for defining and delivering the business strategy and providing overall leadership for Airtel’s India operations.
A young resilience
It’s rare for a corporation to revive after reaching a near-bankruptcy stage. The Pharma-giant Wockhardt after being suppressed under huge debt and defaulting on overseas bonds is now back on the track. Almost three years back, Wockhardt had to sell their 14 hospitals and offshore companies in order to stay longer in the market. But today, when one looks at this company, it would be really hard to tell that it was on the verge of closure a couple of years back. Thanks to the new and young leadership of Zahabiya Khorakiwala, Murtaza Khorakiwala and Hozaifa Khorakiwala, the company saw a new birth. Six months after Zahabiya took the charge, Wockhardt inaugurated its first new hospital (after the sale of score of their property) in Goa. Zahabiya under her leadership, managed eight hospitals and is spearheading the construction of the a ninth in the series. It is a lesson of resilience for all drowning corporations.
Marico to demerge
Recently, Marico Industries has decided to restructure the company’s businesses, corporate entities and organisation for the purpose of making it more profitable or better organized for its present needs. As per the restructuring, the company’s skin care business being spun off into a separate company from its FMCG business that will be effective from April 1, 2013. The company official said “We propose to create two separate companies through partitioning of the current Marico into an FMCG business company, which is Marico Ltd. (already in existence), and a Skin Care Solutions Business Company which will be Marico Kaya Enterprises Ltd (MaKE, to be formed) or any such other name..” However, Harsh Mariwala will continue to be the CMD of the both different entities.