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Leaders

Deepinder Goyal steps down as Eternal CEO

Deepinder Goyal, founder and Chief Executive Officer of Eternal Limited, has announced his decision to step down as CEO with effect from February 1, 2026. The company’s board has approved the appointment of Albinder Dhindsa, currently CEO of quick-commerce platform Blinkit, as his successor.

Goyal will continue to remain associated with Eternal in a strategic capacity and is set to take on the role of Vice Chairman and Director, subject to shareholder approval. In this role, he will focus on long-term vision, governance and new initiatives, while moving away from daily operational responsibilities.

In his communication to stakeholders, Goyal said the decision was driven by his desire to explore new ideas and undertake higher-risk experimentation that is difficult to pursue while running a large, listed company. He added that separating operational leadership from strategic oversight would help Eternal maintain sharper execution as it scales its businesses.

Eternal is the parent company of Zomato and Blinkit and has been expanding its footprint across food delivery and quick commerce. The leadership change comes at a time when the company has reported strong financial performance, with steady growth in revenues and profitability in recent quarters, supported by improved efficiencies and rising demand across its platforms.

Albinder Dhindsa’s elevation is seen as a move towards leadership continuity. Since joining the group, Dhindsa has played a key role in building Blinkit into a major quick-commerce player following its acquisition. As Group CEO, he will oversee day-to-day operations, execution of business strategies, and coordination across Eternal’s various verticals.

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Coursera cofounder urges India to boost AI skills

India faces a pressing need to train its workforce in artificial intelligence (AI) to avoid job disruption, particularly in its large IT services industry, says Andrew Ng, cofounder of Coursera and founder of DeepLearning.AI. Speaking at the World Economic Forum, Ng said the $280 billion IT sector could lose ground if professionals fail to adopt AI tools quickly.

Ng explained that AI is increasingly capable of handling tasks once done by humans, including coding and software development. “Today, I would not hire a software engineer who isn’t skilled in AI tools,” he said. He also highlighted that AI skills are becoming essential beyond technical roles—marketers, HR professionals, and others now need to use AI to remain productive.

The situation presents both a challenge and an opportunity for India. Rapid upskilling could help the country maintain its global competitiveness, while lagging behind may lead to job losses. Ng emphasised that structured training programs are crucial to prepare workers for these changes.

Ng also addressed the hype around artificial general intelligence (AGI), warning that current AI models, while powerful, are far from human-level reasoning. Overstating their capabilities could mislead students and business leaders.

He added that CEOs and other leaders should also learn about AI to make informed decisions and drive effective projects. Ng’s advice is clear: India must focus on practical AI skills to secure its workforce and future growth.

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S4Capital chief praises India at WEF 2026, Davos

At the World Economic Forum (WEF) 2026 in Davos, global advertising veteran Sir Martin Sorrell offered strong praise for India’s economic performance and political leadership, describing the country as a rare “pocket of growth” in an otherwise uncertain global environment.

Speaking on the sidelines of the annual summit, the S4Capital chairman said Prime Minister Narendra Modi is “on fire”, crediting his leadership for sustaining India’s growth momentum at a time when several major economies are struggling to expand. Sorrell pointed out that India is expected to grow at around 6 percent, significantly higher than the global average, which remains below 3 percent.

Comparing India with other major economies, Sorrell noted that growth in the United States is likely to remain in the range of 2.6 to 2.8 percent, while China is projected to grow at about 5 percent. Against this backdrop, India stands out as one of the fastest-growing large economies, strengthening its appeal to global investors and businesses looking for stability and scale.

Sorrell said India’s strong economic fundamentals, combined with its demographic advantage and expanding digital ecosystem, make it an attractive alternative within Asia. He described the country as a “beacon of growth” and a natural destination for companies seeking long-term opportunities amid geopolitical and economic uncertainty.

The S4Capital chief also highlighted the growing visibility of Indian corporate leaders at Davos, noting that executives from leading Indian groups are increasingly confident, outward-looking, and active on the global stage. According to him, this rising presence reflects India’s growing influence in global business and policy discussions.

On the diplomatic front, Sorrell praised Modi’s handling of international relationships, particularly with the United States, saying the prime minister has managed global expectations effectively while strengthening India’s brand abroad. Drawing from his background in branding and communications, Sorrell said India’s current global positioning is strong and largely positive.

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Ola Electric CFO quits, Deepak Rastogi takes over

Ola Electric, the Indian electric two‑wheeler maker, announced a key leadership change as Chief Financial Officer (CFO) Harish Abichandani resigned, and Deepak Rastogi was appointed as his successor, effective January 20, 2026. The company informed stock exchanges of the development through an official filing on Monday.

Abichandani, who joined Ola Electric in late 2023, stepped down citing personal reasons. In his resignation letter to CEO Bhavish Aggarwal, he thanked the leadership and board for their support and described his tenure at Ola as a “wonderful experience.”

The board of Ola Electric approved Deepak Rastogi as the new CFO on January 19. Rastogi, a chartered accountant with over 30 years of experience, has held senior finance positions in companies like Tata AutoComp Systems, The Timken Company, DuPont, Castrol, Alcatel, and Raymond. His expertise spans capital markets, strategic planning, governance, IPOs, and cross-border mergers and acquisitions.

This leadership change comes amid a period of executive turnover at Ola Electric, with several senior leaders leaving over the past months, including heads of marketing, technology, and cell operations.

Since its public launch in 2024, Ola Electric has faced increased competition in India’s electric two‑wheeler market. Sales growth has slowed, and rivals have expanded their offerings, prompting the company to revise its revenue outlook and strengthen its operations.

Rastogi’s appointment is expected to bring stability to the company’s financial leadership and support Ola Electric as it navigates operational and market challenges. The company hopes that his extensive experience in strategy and finance will help it sustain growth and maintain investor confidence.

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Sandeep Bakhshi gets reappointed as ICICI Bank CEO

ICICI Bank has reappointed Sandeep Bakhshi as its Managing Director and Chief Executive Officer for an additional two years, keeping him at the helm until October 3, 2028.

The decision was made at a board meeting on January 17, 2026, and disclosed through a regulatory filing. Bakhshi has been leading ICICI Bank since October 2018 and has over 30 years of experience across the ICICI Group, including roles at ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard, and ICICI Limited.

In addition to Bakhshi, the board also approved the two-year extension of Executive Director Ajay Kumar Gupta, effective from November 27, 2026, to November 26, 2028. Both appointments are subject to approvals from the Reserve Bank of India, shareholders, and other statutory authorities.

Bakhshi’s reappointment comes as ICICI Bank continues to show steady operational performance. While the bank reported a slight decline in net profit for the quarter ended December 31, 2025, due to higher provisions following a regulatory review of agricultural loans, key metrics such as net interest income, asset quality, and loan growth remained robust. Analysts say that extending Bakhshi’s tenure ensures leadership continuity, which is crucial for maintaining strategic stability and investor confidence.

The board’s decision highlights the bank’s strategy of balancing performance, governance, and regulatory compliance, ensuring confidence among shareholders, customers, and stakeholders.

Under Bakhshi’s leadership, ICICI Bank has strengthened its presence in both retail and corporate banking, focusing on disciplined growth, technological innovation, and risk management. The bank’s board emphasized that these extensions reflect a commitment to strong corporate governance while providing stability in management during a period of evolving market conditions.

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Grasim appoints Sachin Sahay as Birla Opus CEO

Grasim Industries has named Sachin Sahay as the new CEO of its decorative paints business, Birla Opus Paints, effective February 16, 2026. The appointment comes at a critical juncture as the company looks to strengthen its presence in India’s fiercely competitive paints market.

Sahay, a seasoned professional with over 30 years of experience, joins Grasim from ITC Ltd, where he led sales and marketing initiatives, expanded distribution networks, and drove strategic growth in the fast-moving consumer goods sector. His expertise is expected to help Birla Opus scale operations, enhance brand reach, and compete with established players like Asian Paints.

He takes over from Rakshit Hargave, who recently left the company to join Britannia Industries as CEO. Since its launch in February 2024, Birla Opus Paints has invested heavily in manufacturing capacity and aggressive market strategies to capture share from rivals, quickly establishing itself as a challenger in the decorative paints segment.

The market responded positively to the news, with Grasim shares rising modestly, signaling investor confidence in the new leadership. Analysts say Sahay’s appointment could be pivotal in shaping the company’s next phase of growth, particularly as it seeks to expand distribution in urban and rural markets and consolidate its brand identity.

Industry watchers will be closely monitoring how Sahay’s experience and strategic vision influence Birla Opus’s growth trajectory in an increasingly crowded and competitive paints industry.

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Zerodha CEO slams market closure on BMC poll day

Zerodha CEO Nithin Kamath has criticised the closure of India’s stock markets on January 15, calling it a case of poor planning and a lack of understanding of global market linkages. Trading on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) was suspended for the day as Maharashtra declared a public holiday for the Brihanmumbai Municipal Corporation (BMC) elections.

In a post on social media platform X, Kamath questioned why a city-level civic election should halt national stock market operations. He highlighted that Indian markets are deeply connected to global financial systems, with significant participation from foreign investors. Shutting exchanges, he said, sends the wrong signal to international markets and disrupts trading continuity.

Kamath warned that such decisions fail to account for “second-order effects” — broader consequences like lost trading opportunities, market inefficiency, and inconvenience to domestic and global investors. Quoting legendary investor Charlie Munger, he added, “Show me the incentive and I will show you the outcome,” suggesting that outdated practices persist because there is little motivation to change them.

Market analysts echoed Kamath’s concerns, noting that frequent or unnecessary market holidays can affect investor confidence at a time when India aims to attract long-term global capital. They said consistency in market operations is critical for both domestic and international investors.

The market shutdown came amid a volatile start to 2026 for Indian equities, following a challenging 2025 marked by global uncertainties. Trading resumed on January 16, with investors hoping markets quickly regain momentum after the brief disruption.

Also Read: Soumith Chintala named CTO of Thinking Machines Lab

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Soumith Chintala named CTO of Thinking Machines Lab

Soumith Chintala, an Indian-origin artificial intelligence expert and one of the key creators of the popular deep-learning framework PyTorch, has been appointed Chief Technology Officer (CTO) of Thinking Machines Lab, an AI research company co-founded by former OpenAI executive Mira Murati. The appointment comes after the departure of the company’s previous CTO, Barret Zoph, and marks a major leadership move for the fast-growing AI startup.

Murati welcomed Chintala’s appointment, describing him as a highly respected technologist who has played a crucial role in shaping modern AI research over the past decade. Chintala had joined Thinking Machines Lab in November 2025 as a senior technical member and has now been promoted to lead the company’s overall technology and research direction. As CTO, he will be responsible for strengthening the firm’s engineering team and guiding the development of advanced AI systems.

Soumith Chintala was born and raised in Hyderabad. He completed his schooling at Hyderabad Public School and later earned a Bachelor of Technology degree in Information Technology from the Vellore Institute of Technology (VIT), Tamil Nadu, in 2009. After moving to the United States, he pursued a Master’s degree in Computer Science at New York University, where he worked under renowned AI scientist Yann LeCun and focused on deep learning research.

Chintala spent more than a decade at Meta (formerly Facebook), where he rose to senior leadership positions, including Vice President and Distinguished Engineer. During his time at Meta AI Research, he co-created PyTorch, an open-source machine learning framework that is now widely used by researchers, startups, and large technology companies across the world. PyTorch is considered one of the most influential tools in the rapid growth of artificial intelligence in recent years.

Despite his success, Chintala’s journey was not without challenges. He has previously spoken about facing several job rejections early in his career, highlighting the persistence and resilience that shaped his professional path.

His appointment as CTO of Thinking Machines Lab is seen as a significant step for the company as it aims to build cutting-edge, responsible AI technologies. It also stands as an inspiring milestone for Indian students and engineers aspiring to make a global impact in the field of artificial intelligence.

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Zuckerberg–Wang rift surfaces at Meta

Meta Platforms’ ambitious artificial intelligence push is facing internal strain, with reports of growing differences between CEO Mark Zuckerberg and the company’s top AI executive, Alexandr Wang. The friction comes barely months after Meta made one of its biggest bets in the sector, investing over $14 billion to acquire a 49 percent stake in Scale AI and bringing its founder Wang on board as Meta’s Chief AI Officer.

According to reports, the disagreement centres on leadership style, decision-making control, and the long-term direction of Meta’s AI investments. Wang is said to be unhappy with Zuckerberg’s close involvement in day-to-day AI decisions, viewing it as excessive micromanagement that limits autonomy and slows innovation. Zuckerberg, however, is known for taking direct charge of strategic priorities, especially in areas he sees as existential to Meta’s future.

At the heart of the dispute is a difference in vision. Wang and parts of the AI research team reportedly want Meta to focus on building cutting-edge “foundation models” that can compete directly with leading AI developers such as OpenAI and Google. This approach prioritises long-term breakthroughs over immediate commercial returns. In contrast, several long-serving Meta executives prefer a faster rollout of AI tools across products like Facebook, Instagram, and WhatsApp to strengthen advertising and user engagement.

These contrasting priorities have reportedly created an “us versus them” atmosphere inside Meta’s AI division. Some senior leaders are said to question whether Wang, despite his technical credentials, has sufficient experience managing AI initiatives at Meta’s massive scale, where investments are estimated to run into hundreds of billions of dollars over the coming years.

In response to the internal tensions, Zuckerberg has moved to tighten oversight of Meta’s AI operations. A recent organisational reshuffle placed key AI infrastructure and compute resources under direct reporting lines closer to the CEO. While not officially framed as a response to the disagreement, the change effectively reduces Wang’s independent control over critical parts of the AI stack.

The developments come at a crucial time for Meta, which has positioned AI as central to its future growth after years of heavy spending on the metaverse. Industry observers say the situation highlights a broader challenge faced by big tech companies: balancing visionary founders, high-value external hires, and the pressure to deliver both innovation and near-term business results in an intensely competitive AI race.

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Citigroup CEO Fraser signals more job cuts

Citigroup CEO Jane Fraser has warned employees that further job cuts are likely as the bank presses ahead with a wide-ranging restructuring aimed at improving performance and cutting costs. In a recent internal message to staff, Fraser said the time had come to move away from “old, bad habits” and focus sharply on measurable results rather than effort alone.

Citigroup, one of the world’s largest banks, is already in the middle of a multiyear overhaul that includes reducing management layers, simplifying operations and investing heavily in technology. As part of this plan, the bank aims to cut around 20,000 jobs globally by the end of 2026, which would reduce its workforce by roughly 8 percent. About 1,000 roles are expected to be eliminated in the latest round, adding to the thousands of positions already cut over the past year.

Fraser told employees that 2026 will be a decisive year for the bank. She stressed that while hard work is important, the organisation will be judged on outcomes. According to her, Citigroup must become faster, more disciplined and more competitive, especially as rivals move ahead in areas such as digital banking and automation.

A major factor behind the job reductions is the growing use of automation and artificial intelligence. Fraser acknowledged that new technologies are changing how work is done across the bank, making some roles unnecessary while increasing the need for specialised skills in other areas. Citigroup is upgrading its systems and processes as part of a broader “transformation” programme designed to modernise the bank and reduce long-term costs. The programme is expected to deliver billions of dollars in savings once fully implemented.

Despite the overall headcount reduction, Citigroup plans to continue hiring selectively in priority businesses, including investment banking and areas that support growth. Senior management believes the restructuring will help the bank improve returns, strengthen controls and meet regulatory expectations more effectively.

Fraser’s message signals a tougher stance on performance and accountability as Citigroup enters the next phase of its turnaround. While the changes are expected to be challenging for employees, the leadership argues they are necessary to position the bank for sustainable growth in an increasingly competitive and technology-driven global financial sector.

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