Why India needs to produce capable leaders like Deveshwar and Naik.
SANJIV PURI DOES FACE challenging times ahead at the helm of ITC. But perhaps not as challenging as the times faced by his predecessor Y.C. Deveshwar 21 years ago. Even as analysts in India debate the legacy left behind by Deveshwar and the task ahead for Puri, American analysts are debating something similar about the all American conglomerate GE where chairman and CEO Jeff Immelt is hanging up his boots. The interesting thing is that while it is routine in the US to discuss and debate the performance of professional CEOs, it happens far less frequently in India. This year is unusual for India because another long serving and immensely successful professional CEO A. M. Naik of L&T is also calling it a day.
Both Deveshwar and Naik are symbols of what talented professional managers can offer to India Inc. Both have taken decisive steps that are no less entrepreneurial and risk taking than industrial barons with pedigrees. Both have gambled. Deveshwar by gate crashing into the FMCG sector and Naik by constantly reinventing L&T. Both deserve all the accolades they get; and perhaps the inevitable criticism that comes with the turf. And yet, both remain unsung heroes in many ways.
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