Bye-Bye, French Lie!
SKS continues to intrigue. Its a publicly listed company now and in its board , it has some of the most competent people. Still, the decision making in SKS appears arbitrary (or rather tailor-made to favor the founder):
December 2008 - SKS appoints Sursh Gurumani as the CEO
May 2010 - Gurumani gets a 50% raise for his performance
July 2010 - SKS's IPO is oversubscribed
October 2010 - SKS board sacks the CEO, Suresh Gurumani
The day's central story in the Economic Times is better than a Hollywood drama. Read the Economic Times story on SKS, and figure out for yourself.
posted by atul at 8:40 PM
3 Comments:
Churning at the top of the pyramid in a corporate sector is nothing new. What compels me to think about SKS is that - just after a successful IPO , the Board has sacked its chief in such an unceremonious manner.
It reminds me a poem of Walt Whitman which he wrote in 1865 after the death of American President Abraham Lincoln who played a critical role in the American Civil war.
Quoting the last para:
" My Captain does not answer, his lips are pale and still;
My father does not feel my arm, he has no pulse nor will;
The ship is anchored safe and sound, its voyage closed and done;
From fearful trip the victor ship comes in with object won;
Exult O shores, and ring O bells!
But I, with mournful tread,
Walk the deck my Captain lies,
Fallen cold and dead."
More on substantive grounds later on.
The poetry is apt. Its not so much about churning as it is about fostering a personality cult. Lets not forget what happened at Satyam. The founder's stake here is even less.
Two letters are written by Malini (the former wife of SKS founder). Well,don't infer too much from this. You have just heard from one side. Here are the links:
http://www.moneylife.in/article/4/9957.html
http://www.moneylife.in/article/4/9924.html
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