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Money > Business Headlines > Report July 15, 2002 | 1239 IST |
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UTI re-shuffles executive postsRakesh P Sharma in Mumbai Unit Trust of India chairman M Damodaran, who has got a two-year extension, has started re-positioning the fund by re-designating its executives and promoting some of them. While executive directors continue to be called as EDs, chief general managers have been redesignated as president. The change in designation took effect on July 1. Under the new dispensation, assistant general managers will be now assistant vice-presidents and deputy general managers vice-presidents. General managers have been redesignated as senior vice-presidents. UTI spokesperson K Madhav Kumar, who has been recently elevated to president said, "These changes have been done as a corporate restructuring to bring the trust in line with other private mutual funds." R Rangarajan, who is in charge of debt schemes and A K Shridhar, in charge of equity schemes, have been promoted to the level of presidents. UTI is also working to change its logo to make it look modern and contemporary. The new logo, being developed by Rediffusion DY&R, will be launched soon. Linopinion, the public relations arm of Lowe Lintas Advertising, will oversee the launch. The agency is reportedly conducting a market research to gauge public reaction to the change. "The objective is to put up a new face of UTI. Traditionally, the organisation is perceived to be a government-run body, which triggers a different expectation level from investors. Now it will look modern and contemporary. The lettering as well as the design of the kalash - a sign of prosperity - will change," said a senior UTI official said. As part of its HRD exercise, UTI sometime back slashed the retirement age from 60 to 58 and increased the working hours for its officers. It also cut the number of holidays for its executives and introduced an incentive-linked compensation package, which enables a competent fund manager much more than his actual salary. ALSO READ:
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