A clutch of chief executives who took charge in 2025 is stepping into the corner office at a time when strategic choices are unusually constrained. Demand has recovered but not evenly, the competition is keen and investors are far less tolerant of long gestation bets. What makes these leadership transitions difficult is the absence of easy levers.
For these CEOs, the start is unlikely to be defined by sweeping vision statements. Instead, it will be shaped by immediate trade-offs: reviving volumes without leaning on pricing, monetising capacity built over the last cycle, and restoring confidence where leverage or governance concerns have weakened trust.
For Nestle India CEO, Manish Tiwary, the challenge is to push volume-led growth as he takes charge after several quarters in which growth was driven largely by price hikes. With commodity costs still volatile, the scope for further pricing action is limited, forcing a sharper focus on distribution expansion, higher throughput in existing categories and incremental penetration beyond top urban centres. At the same time, the company must balance deeper rural and small-town reach with premiumisation efforts that protect margins, even as digital and AI-led efficiencies are embedded across the supply chain and go-to-market operations.
Pricing vs. Volume Dilemma
A similar set of constraints confronts Britannia Industries under Rakshit Hargave. Consumption remains patchy, particularly in rural markets, and competition in core categories has intensified. Volume recovery will depend more on execution than on a broad-based demand rebound, even as volatility in wheat, dairy and edible oil prices limits flexibility on margins. The leadership transition follows the exit of a long-tenured predecessor, making it critical to reinforce strategic continuity and restore investor confidence while navigating a challenging operating environment.
In telecom, leadership changes come as the investment cycle turns. At Bharti Airtel, Shashwat Sharma steps in with the bulk of the 5G rollout largely complete. The focus now shifts decisively to monetisation – converting network leadership into sustained Arpu growth through tariff repair, enterprise services and premium offerings, without triggering churn in a competitive market. Capital allocation will be under sharper scrutiny as peak capex tapers, with Airtel balancing investments in broadband, data centres and next-generation networks against the need to protect free cash flows.
Scaling the home connectivity business, spanning fibre and fixed wireless access, will test the ability to prioritise profitability over headline subscriber growth. For Abhijit Kishore at Vodafone Idea, the challenge is more existential. The company remains weighed down by nearly Rs 2 lakh crore in government dues related to AGR and spectrum liabilities. While recent legal relief offers some breathing room, the first year will be dominated by negotiations with the government and efforts to secure funding from investors to sustain operations. Operationally, Vodafone Idea continues to lag peers on network depth and 5G rollout, limiting its ability to arrest subscriber losses. Monetising 5G, including through fixed wireless access, while operating under severe capex constraints will stretch execution discipline.
From Network Expansion to Monetisation and Governance
Transition defines the agenda for Harshavardhan Chitale at Hero MotoCorp. Growth in mass-market internal combustion engine motorcycles is slowing, even as competition intensifies across scooters and premium segments. Defending share in core categories remains important, but the larger challenge lies in accelerating the shift towards electric vehicles and higher-end motorcycles. This requires sustained investment and faster execution, without undermining the cash flows generated by the legacy ICE business that continues to fund the transition.
For Rajiv Anand at IndusInd Bank the test is credibility as much as performance. Anand takes charge amid heightened regulatory scrutiny following governance lapses and accounting irregularities. Recent losses, shrinking loan books and deposits, and volatile asset quality have narrowed the margin for error. Beyond repairing the balance sheet, Anand’s immediate task is to restore confidence among regulators, investors, employees and large depositors by embedding stronger risk discipline and accountability. Rebuilding the liabilities franchise, particularly institutional and corporate deposits, will be central to stabilising the bank’s operations.
What unites these leadership transitions is the absence of easy levers. Pricing-led growth, aggressive leverage and open-ended capex cycles are no longer viable defaults. These new CEOs, the first year will be judged less on ambition and more on execution.