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News on Medial
CapitaLand Trust’s new CEO has task cut out – cost control, capital base expansion
VCCircle
·
1y ago
Medial
CapitaLand India Trust (CLINT) has appointed Gauri Shankar Nagabhushanam as its new CEO. Nagabhushanam's main priorities will be reducing costs and expanding the company's capital base. CLINT is a Singapore-listed REIT that invests in business and logistics parks, as well as data centres, primarily in India. The company aims to optimize its operations and diversify its capital structure under Nagabhushanam's leadership.
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Byju's to fire 5000 employees under new CEO Arjun Mohan
Economic Times
·
1y ago
Medial
Arjun Mohan, the new CEO of Byju's India, plans to reduce the size of the local unit by a third to control costs. This move includes merging several business verticals, which is expected to result in job cuts of around 5,500 employees, both permanent and contractual. The restructuring will focus on simplifying operating structures, reducing the cost base, and improving cash flow management. Byju's aims to bring more students to offline centers as part of its efforts to run sustainable operations.
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A $60-plus billion pay package? Musk gives Tesla’s board a nightmare task
Livemint
·
1y ago
Medial
Tesla's board faces a challenging task in creating a new pay package for CEO Elon Musk after he took to Twitter to express discomfort about growing Tesla without having significant voting control. Musk's previous pay deals in 2012 and 2018 raised concerns about governance, with the 2018 agreement allowing him to potentially make $55.8 billion. The legal case surrounding his 2018 plan is still ongoing. Musk's latest compensation proposal includes the condition of obtaining 25% voting control, further complicating negotiations for the board.
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Ikea India aims for operational profitability in couple of years, says CEO Susanne Pulverer
Livemint
·
6m ago
Medial
Ikea India aims for operational profitability in a couple of years, according to CEO Susanne Pulverer. After facing challenges like COVID-19 impacts and supply chain disruptions, the company is focusing on stabilisation and affordability. Despite reporting increased losses due to expansion investments, Ikea plans to enhance efficiency, cut costs, and explore more cost-effective touchpoints. Online sales, growing faster than offline, now account for 30% of total sales. Ikea is also progressing on projects in Gurugram and Noida.
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Warburg, True North-backed Home First Finance raises $146 mn
VCCircle
·
4m ago
Medial
Home First Finance, backed by Warburg Pincus and True North, raised Rs 1,250 crore ($146 million) through an equity shares qualified institutional placement. Issuing 13 million shares, this marks its first equity fundraising since its 2021 IPO. The renowned foreign and domestic investors participating included International Finance Corporation and HDFC Asset Management Company. CEO Manoj Viswanathan stated this capital will bolster Home First’s capital base, enhancing expansion and customer engagement in affordable housing finance.
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Citigroup starts layoff talks after management overhaul: Report
Livemint
·
1y ago
Medial
Citigroup (Citi) is reportedly at risk of laying off technology staff with overlapping functions as part of its restructuring efforts. The bank recently announced plans to strip out a layer of management and cut jobs in its largest reorganization in nearly two decades. CEO Jane Fraser aims to boost profits and the stock price by gaining more direct control over the bank's businesses. Executives overseeing revenue-producing units held calls to explain the changes to their teams, emphasizing a reduction in bureaucracy and a focus on profit-making activities.
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OpenAI rolls out ChatGPT Record mode for Pro, Enterprise, and Edu users
Economic Times
·
2m ago
Medial
OpenAI has introduced ChatGPT Record mode for Pro, Enterprise, and Edu users, initially available on macOS desktop apps at no extra cost. The feature allows users to record audio during meetings or conversations, which ChatGPT transcribes into text, highlighting key points and generating follow-ups, action items, or even code lines. This move aims to enhance productivity by automating note-taking and simplifying task management, building upon OpenAI's ongoing expansion into practical AI applications.
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PE-backed furniture brand WoodenStreet bets on offline play for growth
VCCircle
·
1y ago
Medial
PE-backed furniture brand, WoodenStreet, is focusing on offline expansion to drive its growth. With a pan-India presence and new product offerings, the online-first platform has experienced substantial sales growth. The company aims to further expand its visibility and customer base after securing funding from private equity firm WestBridge Capital.
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Ousted Flexport CEO Dave Clark strikes back
TechCrunch
·
1y ago
Medial
Dave Clark, the former CEO of Flexport, responds to recent reporting on the company, calling it "deeply concerning." In a social media post, Clark discusses the problems he found when he joined Flexport, including issues with revenue forecasting and a lack of process and financial discipline. Clark's departure from the company was followed by further turmoil, including the rescinding of employment offers and plans to lease out office space to cut costs. Founder Ryan Petersen has criticized Clark's leadership on the grounds of excessive hiring and expansion.
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IndusInd Bank announces exit of Internal Audit Head Jyoti Prasad Ratho
Economic Times
·
1m ago
Medial
IndusInd Bank announced that Jyoti Prasad Ratho, the Head of Internal Audit, has exited from its Senior Management Personnel. This follows a major restructuring of the bank’s leadership and governance structure after recent earnings. The private bank is dealing with past financial issues and the exit of its former CEO. It is employing stringent cost-control measures and is in the process of appointing a new CEO, with recommendations already with the RBI.
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WhatsApp plans to roll out chat privacy features, stickers, enhanced calling, among others
Economic Times
·
4m ago
Medial
WhatsApp is introducing new features including stickers for status updates, advanced chat privacy options, and improved group chat activity tracking. Users can now add stickers to status updates and control media saving and chat exportation with new privacy settings. Scheduled messaging for MetaAI enhances task management within chats. AI-generated prompts aim to make conversations more dynamic. New voice and video call features include muting from notifications, disabling video prior to acceptance, and emoji reactions.
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