3 out of every 5 top global firms have CXOs of Indian origin

Three in every five or 61% of the top 300 publicly listed global companies have C-suite executives and board directors of Indian origin, according to a study, mirroring India's growing stature in global business.

Most of these leaders are in the age group of 50-60 years, highlighting the need for more “experienced leadership in governance roles” at these global firms, according to search firm EMA Partners, which shared findings exclusively with Mint. The study covered firms listed on NYSE, Nasdaq and LSE.

Also read |  The great startup CXO hunt: companies beef up top deck as funding winter thaws

“We have seen that Indian leaders possess the skillsets to succeed in a global environment with their ability to adapt to a rapidly evolving business environment,” said K Sudarshan, managing director, EMA Partners India Ltd. “Most of them, having grown up in an ultra-competitive environment, have the ability to succeed in global corporations. In our view, this is a reflection of India’s growing economic heft.”

Corner office representation

The top 30 companies—10 each in the three exchanges—saw an increase of 89% in the overall C-suite representation of Indian-origin leaders across sectors. From 37 in 2019, the count went up to 70 in 2024 at these firms.

Some of top leaders of Indian origin at global firms include Sundar Pichai, chief executive officer at Alphabet; Reshma Kewalramani, CEO of Vertex Pharmaceuticals; Satya Nadella CEO of Microsoft Corporation; Jayshree V. Ullal, CEO of Arista Networks; Vaibhav Taneja, CFO of Tesla; Shantanu Narayen, CEO of Adobe, among others.

Also read | Sales, marketing leaders in demand as CXO hiring rises 15% in H1 of 2024

The study—Indian Leadership Across Global Stock Exchanges—finds IT and technology sectors account for the highest share of Indian-origin CXOs at 30%, followed by banking and financial services at 27%, while consumer & retail and lifesciences & healthcare account for 11% each. The posts these CXOs hold include chief executive officer (CEO); chief financial officer (CFO), chief technology officer (CTO) and chief information officer (CIO).

More Indians at the helm

“Semiconductors, financial services, healthcare, alcobev (alcoholic beverages) and industrial goods are emerging sectors which are witnessing a growing number of Indians at the helm,” said Sudarshan.

A closer look at their connection with the Indian roots highlight that that 35% of these leaders have completed their education solely in India, while 34% graduated in India and pursued post-graduation overseas.

Also read | Short contracts for top roles find favour in IT, pharma cos

The number of women CXOs of Indian origin has also jumped. They occupy 23% of leadership positions in the top firms across all three exchanges. Of the 51 Indian female leaders in C-suite positions (excluding board directors), 27% are CEOs or equivalent; 16% are CIO/CTO; while 14% serve as CHROs or in an equivalent function

From six in 2019, Sudarshan said, the number of Indian-origin women CXOs has surged threefold to 18 women at the top 30 companies.