New CEO at Bank One taps former Citi colleagues
Chicago: Michael Cavanagh, 34, a former executive at Citigroup was named senior vice president of strategy and planning at the nation's fourth-largest bank holding company, by James Dimon the newly appointed chief executive officer of Bank One. One of Mr Cavanagh's first assignments will be to help Mr Dimon determine what to do with Wingspan, the bank’s internet arm. Wingspan was formed in June ’99 to attract internet-savvy customers who did not want to be affiliated with a traditional brick-and-mortar bank.

Mr. Dimon also hired consultant William Campbell, former head of global consumer business at Citibank and co-CEO of global consumer business at Citigroup, as senior advisor to Bank One's management team. Mr Campbell will lead an internet and technology planning group.
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A visionary honoured
Mumbai : Mr. Henning Holck-Larsen, co-founder and chairman emeritus of Larsen & Toubro Ltd was felicitated by the Confederation of Indian Industry (CII) for his vision and spirit of entrepreneurship. Mr. Larsen set up L&T over sixty-two years ago in this country, alongwith his school and college mate, Mr. Soren Kristian Toubro.

In his address to the function, Mr. Arun Bharat Ram, President, CII., said, "We are gathered here to honour one who came far away from home, with a spirit of adventure. In L&T he has left us with an asset which we can but envy".

In his tribute to the founder, Mr. A.M. Naik, managing director and chief executive officer, L&T said, "Mr. Holck-Larsen has been a visionary par excellence. He had already visualised today's buzzwords a few decades ago, covering recruitment and promotion by merit, development of indigenous know-how and capability, export promotion and a high rate of re-investment of surplus to sustain a rapid rate of growth".

Mr. Holck-Larsen's professional career began in 1930 with F.L. Smidth, the global cement plant specialists after he had obtained his Masters' degree in chemical engineering from the University of Copenhagen.

In 1976, Mr. Holck-Larsen was awarded the Raman Magsaysay Award for International Understanding. Queen Margarethe II of Denmark conferred a knighthood upon Mr. Holck-Larsen. In 1980, he received the Sir Jehangir Ghandy Medal for Industrial Peace.
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Tanishq chief quits to float e-business
Bangalore : According to a report appearing in Business Line, the Chief Operating Officer (COO) of Tanishq, Titan's jewellery division, Mr. Vasant Nangia, and two other high-ranking officials of the company, will quit the company to float `a new e-commerce initiative'. Mr. Nangia is leaving the Tata household after a twenty year-old association with the group.

Mr. Nangia had recently announced major expansion plans for Tanishq, which included increasing the number of exclusive boutiques to 67 from the existing 30. The plan centered around a business plan to take the Tanishq business to all cities in India `which has a sizeable market for gold'. He also charted plans to launch men's jewellery accessories under the Tanishq brand.

There was no formal reaction from Mr. Nangia, who refused to comment on the matter. However, it is learnt that Tanishq's marketing initiatives, chalked out during Mr. Nangia's tenure will continue.
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