Vasantha Krishna Next CMD at GIC Re?
Vasantha Krishna, GM at National Insurance, is speculated to take over as chairman of state-run reinsurer GIC Re. Krishna, who has worked in all areas including reinsurance, is seen emerging as the winning candidate for the post, which will be vacant early next month when AK Roy retires. G Kumar may Head National Insurance Girija Kumar, GM, National Insurance, may become CMD at the company. The position is lying vacant since February 2014, with NSR Chandraprasad’s retirement.Rajesh Agarwal, joint secretary, financial services, ministry of finance, has been acting CMD of the Kolkata based insurance company.
The Peacock Doesn’t Preen
Competition Commission of India’s latest `671 crore penalty on state-run insurers has given anti-management people a stick to beat The New India Assurance Company with. The company had received the `Golden Peacock Award’ for corporate governance recently, which the antimanagement people want it to surrender. Remember Satyam Computer’s Ramalinga Raju getting stripped of the award?
Leading by Example
Leaders at IDFC, which is converting itself into a bank, are leading by example. While bankers all over the world waited for regulations to claw their pay packages, IDFC executive chairman Rajiv Lall and CEO Vikarm Limaye have reduced their pay by about 25%. Lall was paid `4.4 crore, down from `5.55 crore a year.
Source: Economic Times