Corporate Announcements

HYUNDAI MOTOR INDIA APPOINTS EX-MARUTI OFFICIAL RAKESH SRIVASTAVA AS VICE PRESIDENT

Country’s second largest car maker Hyundai Motor India said it has appointed Rakesh Srivastava as the Vice President for national sales.

"Hyundai Motor India Ltd (HMIL) has appointed Rakesh Srivastava as Vice President National Sales," the company said in a statement.

Prior to joining HMIL, Srivastava was the Chief General Manager at rival and the country's largest car maker Maruti Suzuki India (MSI), where he served for 15 years.

Srivastava was responsible for commercial vehicles at MSI and was also looking after the north zone.

NARSING RAO TO BE COAL INDIA CHAIRMAN NEXT WEEK

Narsing Rao, a bureaucrat, will take charge of Coal India next week, giving the state-run company a full-time chairman after more than a year.

The coal ministry has issued the appointment letter to Rao after the approval of the cabinet committee for appointments, officials said.

Rao, who currently heads Singareni Collieries Company, will be the first 'outsider' to lead the company. The 1958-born bureaucrat of the Andhra Pradesh cadre will also be its youngest chairman.

Rao will take charge at a time when the company is going through a coal supply crisis due to various reasons, including delay in environmental clearance.

MAX INDIA ROPES IN VIBHA PAUL RISHI FOR BRAND BUILDING AND HUMAN RESOURCES OPERATIONS

Healthcare and insurance group Max India has roped in Vibha Paul Rishi to take care of its brand building and human resources operation, two people aware of the development said.

Rishi, who quit retailer Kishore Biyani's Future Group last month, will join Analjit Singh's Max India as executive director, brand and human capital, later this month, they said. She will report to Max India MD Rahul Khosla.

FIRSTSOURCE APPOINTS RAJESH SUBRAMANIAM AS MD AND CEO

Firstsource Solutions Ltd's board of directors has appointed Rajesh Subramaniam, the company's present Deputy Managing Director & CFO, as its MD & CEO.

The company's Managing Director & CEO Matthew Vallance has decided to step down from May 15, an official statement said.

"While the decision to move from Firstsource was a difficult one, I feel the timing is right to hand over the reins to Rajesh. I am confident that under the new leadership team, the company is well-equipped to progress in its next phase of growth," Vallance said. 

STUART MILNE IS NEW HSBC INDIA CEO AS STUART DAVIS MOVES OUT

The country's second largest foreign bank HSBC said it appointed group veteran Stuart Milne as the new chief executive, effective April 1 with Stuart Davis, after a three-year stint in the same role, moving out of the country but within the group. 

This makes HSBC the second foreign bank in the country to have a new CEO, after rival British lender Standard Chartered Bank. 

Davis' new role is yet to be announced, but it has been reported that he will be holding a larger role at the bank's Asia headquarters in Hong Kong as part of a global reshuffle of the bank as the largest European bank tries to trim costs in the Western markets which are yet to recover from the 2008 credit crisis. 

HCL INFOSYSTEMS WHOLE-TIME DIRECTOR AJAI CHOWDHRY STEPS DOWN

 IT company HCL Infosystems  said its founder member  Ajai Chowdhry  has decided to step down from the position of whole-time director of the company.

"In line with pre-planned transition with the recruitment of new CEO in October 2010, Ajai Chowdhry has decided to now step down from the position of whole-time director of the company with effect from March 31, 2012," HCL Infosystems said in a filing to the BSE.

Chowdhry will continue to be non-executive Chairman of the Board of the company.