Financials put Pandit on top among NRI-run firms
Citigroup's Vikram Pandit may have been named among worst CEOs ever in America, but in terms of financial performance for the first quarter of this year, the banking behemoth has emerged as one of the best performers among the US companies run by persons of Indian origin. While Citigroup bounced back into profitability in the first quarter of 2009, after five straight quarterly losses of multi-billion dollars, IT firm Cognizant Technology is possibly the only other American blue-chip company in this league to report a rise in profits for the same period.
In comparison, Indra Nooyi-led PepsiCo and Shantanu Narayen-led Adobe Systems posted declines in their first quarter profits.
Besides, Hartford Financial Services, led by Ramani Ayer, plunged into heavy losses in the first quarter of this year, from profitability in the year-ago period.
Another blue-chip global enterprise run by an India-born person, ArcelorMittal, also posted a billion-dollar loss in its first quarter net profit. The world's biggest steelmaker, run and majority owned by Lakshmi Mittal, recorded a net loss of 1.1 billion dollar in the quarter ended March 31, 2009, as against a profit of 2.4 billion dollar in the year ago quarter
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