Economic crisis casts shadow on Indian leaders abroad

New Delhi, Dec 28, 2008 (Asia Pulse Data Source via COMTEX) -- VOD | Quote | Chart | News | PowerRating -- They were the faces of 'India shining' abroad till the financial turmoil left them scarred. The image of Indian-origin heads of global Inc. Is now anything between messiah and the architect of a greater mess.

Across boardrooms spread over diverse sectors including financial services, funds steering houses, telecom, et al, the presence of Indian-origin leaders went in for a change in 2008 with calls in subdued tone for removal of Vikram Pandit, who was brought in to set troubled Citigroup's house in order and the exit of the legendary boss of Vodafone Arun Sarin.

Others like Neel Kashkari emerged on the big stage.

The raging credit crunch saw many of them embarking on a cost-cutting spree, while people such as steel czar Lakshmi Mittal saw their wealth melt away. One of the world's wealthiest man, the India-origin chief of ArcelorMittal saw billions of dollars dwindle even as he was pushed to the second place in the Forbes list of 40 richest Indians.

Apart from the likes of Pandits, Kashkaris and Mittals, the likes of Pepsico Chief Indra Nooyi, former Vodafone boss Arun Sarin, Motorala Co-Head Sanjay Jha, steel tycoon Lakshmi Mittal and Cisco's technology boss Padmasree Warrior are eagerly watched if not forgotten.

Chennai-born Nooyi continues to retain her place among the most powerful business women while Sanjay Jha has been entrusted with the responsibility to turn around Motorola which is fast losing its market dominance.

He might be out of the hustle and bustle of corporate life, but Sarin is still in news, with his name cropping up for the post of Yahoo! CEO. An influential person in the Silicon Valley, Padmashree warrior is the technology chief at networking major Cisco and is working on various aspects of unified communication.

Thanks to the ravaging financial turbulence, Pandit could well be described as the most visible India-origin face for receiving bouquets and brickbats in equal measure. As mounting losses and stunning layoffs pushed Citi into the verge of collapse, the 51-year-old chief even found his seat under threat. But as luck would have it, the Federal government threw a more than 300-billion dollar worth lifeline to the battered entity.

This time, the India-origin Chief emerged much stronger at least for the moment with many a Western media paying accolades to Pandit.

However, recently American magazine Conde Naste Portfolio in its power league had placed Pandit in the category of those whose influence is sliding. In October, just days after the US Federal government unveiled the mammoth 700-billion dollar rescue plan, Kashkari was handed over the reins of the programme, on an interim basis.

Initial optimism over the plan has evaporated and now fingers are being pointed out at Treasury and Kashkari for not utilising the funds properly. With just weeks left before the regime change takes place at the White House, the Interim Assistant Secretary of the Treasury for Financial Stability's moves would be closely watched as that of the fund spending.

However, this year has literally seen the fall of Mittal. Not just declining wealth but also his sprawling steel empire ArcelorMittal swiftly moved to announce job cuts, to cope with falling demand for steel and deepening credit turmoil.

On the other end of the spectrum, 52-year-old Nooyi is considered one of the most successful CEOs on the Wall Street. The queen of Cola is steering expense minimising initiatives including job cuts.

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