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Top Biz bosses' exits in 2018

The Indian and international biz corridor saw several top level exits this year.

Top Biz bosses' exits in 2018

Indra Nooyi exit

Indra Nooyi stepped down as PepsiCo chief executive officer in October after 12 years at the helm. PepsiCo has named President Ramon Laguarta as her replacement.

Nooyi, 62, who has been with the company for 24 years, will continue as chairman of the board until early 2019. Nooyi, one of the most powerful and influential business leaders in the world, was regularly featured on the power lists compiled by Forbes and Fortune magazines. She was also among the few female executives to lead global corporate giants.

Nooyi said she was looking forward to utilising her time writing and visiting as many countries as possible to talk about how to address issues of maintaining work-life balance.

Carlos Ghosn exit

Nissan Motor Co Ltd terminated Carlos Ghosn from his chairman`s post after finding that he had used company money for personal use and committed several other serious acts of misconduct.

The former Nissan boss will be spending Christmas and the beginning of 2019 behind bars after a Tokyo court on Sunday extended his detention through to January 1. The court's decision is the latest twist in a rollercoaster saga that has gripped Japan and the business world since the auto sector titan was arrested out of the blue in Tokyo on November 19.

Ghosn`s arrest has marked a dramatic fall for a leader once hailed for rescuing Nissan from the brink of bankruptcy.

Jack Ma exit

Chinese e-tailer Alibaba's co-founder Jack Ma in September announced his exit from the company. The Hangzhou-based company announced that the group`s Chief Executive Daniel Zhang will be the new chairman, succeeding its Jack Ma from September 10, 2019.

Ma, will however, remain as a board member of the Alibaba Group until the annual shareholder meet in 2020, which marks the 21st anniversary of the e-commerce and tech conglomerate. He will also remain a lifetime partner in the Alibaba Partnership and is a member of its partnership committee.

Founded in 1999 by Chinese teacher-turned-entrepreneur Ma as a platform to connect Chinese manufacturers with the world, Alibaba stands among one of the largest companies in the world.

Chanda Kochhar exit

ICICI Bank Managing Director Chanda Kochhar resigned from the bank in October this year, seeking an early retirement. Consequently, ICICI bank appointed Sandeep Bakhshi as the copmany's MD and CEO.

She is facing enquiry in a case pertaining to allegations of her and her family members involvement in a loan provided to Videocon group on a quid pro quo basis. It is being alleged that Chanda Kochhar's husband Deepak Kochhar had many business dealings with the Videocon group over the past several years.

Besides, Deepak and Videocon chief Venugopal Dhoot were co-founders and promoters of

NuPower, besides other associations.

YES Bank crisis/Rana Kapoor's impending exit

The Reserve Bank of India has asked Yes Bank's long serving CEO and MD Rana Kapoor to resign from his post and appoint his successor latest by February 1, 2019. Though the bank board has sought extension for Kapoor's stay at the bank, RBI has refused it.

Kapoor, who owns 10.66 percent share has been in his position since the inception of the bank in 2004.

The central bank, however, has not agreed to the suggestion and insisted Yes Bank's board should find his successor within the stipulated time.

Kapoor is the second chief executive at a private sector lender after Shikha Sharma of larger rival Axis Bank to face regulatory wrath in terms of extension of CEO's tenure.

The RBI has been maintaining a cautious stance with regard to heads of private sector banks in the recent months.