Power companies like Adani, Tata Power & others lose top talent as slowdown takes toll
Reliance Power’s senior executive Ashwin Kumar, who was president of corporate development and instrumental in setting up the company’s maiden project at Rosa in Uttar Pradesh, joined Larsen & Toubro this week as the CEO of power development business.
Last year, L&T lost Ravi Uppal, who was heading their power equipment business, to Jindal Steel and PowerBSE -1.61 %, where he joined as managing director and chief executive officer. Other leading power companies like Adani PowerBSE -1.17 %, Tata PowerBSE -2.73 %, JSW EnergyBSE 0.00 % and Lanco InfratechBSE -1.18 % have also lost top executives in the last 18 months.
What may seem like a game of musical chairs may actually be one of the biggest churn in the power sector which fights tough times. Experts say that the churn at the top positions is due to varied reasons such as inability of CEOs or chief financial officers to meet targets amid slowdown in the sector or sheer frustration over the slow moving decisions in the sector.