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Top five CEO exits of the year
In the year 2009, which will be remembered as the year of recession, volatile stocks and most importantly, the year of job cuts, a number of top notch corporate heads quit from their job and move on. Let's have a look.
THE YEAR 2009 will be remembered as the year of recession, volatile stocks and most importantly, the year of job cuts. The year also witnessed some top notch corporate heads quit and move on.

A quick glance at the major chief executive officers exits of the year.

Subramaniam Ramadorai

Currently the chairman of Tata Elxsi and vice-chairman of Tata Consultancy Services Ltd (TCS), Subramaniam resigned as the CEO and managing director of TCS in October 2009. Considered to be one of the greatest Indian strategists of all time, Subramaniam, began his career as a junior engineer in TCS. He got his first major breakthrough when he was asked to set up TCS's operations in the United States. Eventually, he took over as the CEO of TCS. Back then, the company had only 6000 employees with very little capital. It was his confidence and business strategy that changed the company's future. He concentrated mainly in the expansion and development of the company. Along with his crew he managed to make TCS one of the world's most successful software and services company, with almost 150,000 consultants working all over the world.

Deepak Parekh

After a long run of 31 years, HDFC Ltd's chairman and CEO, Deepak Parekh will be stepping down from his post in January 2010. After working with organisations such as Ernst & Young Management Consultancy, Grindlays Bank and Chase Manhattan Bank, Deepak Parekh joined HDFC in 1978. By 1993, he took over his uncle, HT Parekh, as the chairman of HDFC. His concepts and vision made HDFC what it is today, the number one housing finance institution of the country. Apart from being successful in his own business, Deepak also helped the Government of India during various economic disasters, such as the Satyam scam and the revival plan of the Unit Trust of India. He won several awards, including businessman of the year by Business India, the JRD Tata Corporate Leadership Award by All India Management Association. He was also honoured with the Padma Bhushan by the Government of India.

Ramani Ayer

The Indian American chairman and CEO of Hartford financial services put in his papers in October. An IIT-Bombay graduate, Ayer faced the flak for some of the worst ever losses reported by this 199-year old company. Ayer was blamed for using age-old strategies. Forbes points out that Ayer caused the company to push towards the riskier versions of variable annuities such as life insurance contracts. Ayer was given millions of dollars by way of compensation. Liam McGee, former head of consumer banking at Bank of America, replaced him.

Rick Wagoner

By the time Rick Wagoner stepped down, General Motors had already lost over 85 billion dollars, closed down a number of plants and fired at least 25000 employees. The 56-year-old veteran who dedicated almost half his life to GM received a pension value of 20 million dollar. A Harvard graduate, Wagoner worked with GM for over 31 years before a directive from the White House forced him to exit the company. Growing up in Richmond, Virginia, Wagoner was always considered a bright student. After graduating from Harvard in 1977, he joined the automobile major as an analyst. By 1992, he was named GM's chief financial officer, six years later he became the chief operating officer. He took over as CEO in the early summer of 2000 and his tenure lasted for almost nine years.

Alvaro de Molina

It was a rather short stint for Molina. He was asked to leave within 19 months by GMAC's board of directors. The board said Molina lacked leadership qualities. On the other hand, the outgoing CEO had a different story to tell. The 52-year-old told media that he had joined GMAC on a short time assignment with the sole aim of stabilising the company and bringing back the profits. The company didn't fare too well on both accounts. At the end, GMAC received 13.5 billion dollars from the United States government and that helped it to stay afloat. Molina was named GMAC's chief operating officer in 2007, following a 17- year long career at Bank of America. He became the CEO in April 2008.


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