From corner office to consultant’s room, veterans see big switch
Indian business groups are “rebadging” a bunch of legacy leaders and C-suite talent who have been with the company for a long time by moving them into consultant roles or making them “independent contractors” while divesting them of most of their execution powers, according to industry insiders, board members, HR and legal experts. Most of these senior leaders are in the age bracket of 55 or above, they said.
Arapid pace of disruption post pandemic, foray into new business areas, inorganic growth plans and global ambitions is prompting companies to keep making the churn by paving way for Young Turks who are expected to bring in fresh perspective and understanding of technology and are believed to be more “market worthy” for millennial consumers.
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“There is a significant increase in the number of instances in which large conglomerates are retaining many senior and legacy professionals by shifting them from full-time payroll to independent contractors or consultants,” said Anshul Prakash, partner, Khaitan & Co.
So, what happens to senior C-suite leaders when they are replaced by younger leaders, and they still have some runway before hanging up their boots?
Some are made mentors and advisers. In companies where the promoter has vacated space to hire aprofessional CEO, old-time
