A new trend of appointment to top positions in companies

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- Significant increase in CEO exits from both listed and unlisted companies amid growing opportunities in other sectors

Rapid changes are being seen in the cabins of the top executives of Indian companies connected to various sectors. Company executives and consultants are preoccupied with the question of who should be the most suitable person to sit in the office of the top executive. According to the report based on Prime Infobase data, there has been a significant increase in CEO exits from both listed and unlisted companies amid challenges in the technology sector and growing opportunities in other sectors such as manufacturing. The number of CEOs leaving the company rose 18 percent from last year to 166 in 2022, while 43 quit in the first three months of the current calendar year.

Due to the rush to fill top positions quickly, many companies are looking for suitable candidates within their own company. Apart from this, the choice of Chief Financial Officer (CFO) of the company to take over the post of CEO is also increasing. Some of the prominent CEOs who resigned recently were CFOs in the past. Apart from this, several other CFOs have been appointed as CEOs recently.

Rajesh Gopinathan, who recently resigned as CFO of Tata Consultancy Services, was elevated from CFO to CEO of the country's largest IT company when N Chandrasekaran took over from TCS CEO to become Tata Sons chairman in 2017.

Looking at other recent examples, Hiromoto's CFO Niranjan Gupta's name comes up when the company was appointed CEO. Bharat Pay has also appointed its CFO Nalin Negi as interim CEO with Suhail Sameer stepping down as CEO. Mohit Joshi, who was head and president of banking, financial services at Infosys, was appointed CEO of Tech Mahindra.

More than 8 percent of the 681 CFOs at both Fortune 500 and S&P 500 companies will be hired in the first half of 2022, according to a study by executive search firm Chris Caulder Associates. He was promoted to the role of CEO. A decade ago this number was 5.6 percent. Many consultants believe that a CFO is expected to have a good understanding and understanding of financial aspects, but that does not necessarily qualify him for the position of CEO. CFOs bring financial expertise and possibly strategic thinking to the top, but CEOs require different behavioral skills. It must be mastered.

CFO's emphasis is basically on looking at the numbers and it is important for them to be realistic but most CEOs are seen as optimistic. In a way, it also reflects a difference in approach, because leading a company with emotional strength and behavioral skills tends to last longer in business than running a company with a real eye on the numbers.


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