IHCL Reshuffles Portfolios; Krishna Kumar Made CFO

Mumbai, September 23: | Updated: Sep 24 2003, 05:30am hrs
In a reshuffling of portfolios within Indian Hotels Company Ltd (IHCL), Zubin Dubash, executive director (finance and strategic planning), has been additionally made in-charge of business and leisure, while L Krishna Kumar, vice-president, finance, has been appointed as the chief financial officer (CFO) of the company.

This is the first time IHCL has created the post of CFO. The move comes close on the heels of the appointment of Raymond Bickson who was in charge of luxury hotels business as the managing director of the company.

Further, the company will be roping in a new area director from an independent overseas property in December, who will handle the companys four properties in Mumbai, namely Taj Mahal Hotel, Lands End, The President and Wellington Mews.

The company, when contacted, said that Mr Dubash will continue to be an executive director on the board, and will continue to look at strategic finance even while he oversees business and leisure.

The company said that Mr Krishna Kumar has been redesignated as the CFO at the level of senior vice-president of the company. There have been no other reshuffling of portfolios within the company, the official spokesperson added.

IHCL, however, refused to comment on the new area director of the four Mumbai properties. According to industry sources, this comes as part of the internal corporate reshuffling of portfolios which the company is reportedly in the process of conducting.

IHCL is also in the process of implementing its re-branding strategy by which it aims to become the international benchmark in the hospitality industry in India and in key regions of the world.

To achieve this, the company has embarked on a massive human resource development (HRD) programme, which also makes provision to improve the benchmark strength of the company by bringing in people from overseas, if necessary. IHCL senior vice- president (human resources) Bernard Martyris had told FE in an earlier interview: Now that we are an established player in the domestic market, we are preparing to take the quantum leap into the global arena.

To do this, we are training people internally. Also, to improve the benchmark strength of our managers, we will take the best from the market by recruiting from outside the country for key positions in the various properties, he had said.

He had added that IHCL is looking to create a new manager for the global arena, either by lateral induction in key positions or internal induction.