Management guru, leading economist and founding dean of the Indian School of Business Hyderabad, Dr Sumantra Ghoshal, passed away in Hampstead, United Kingdom, on Wednesday due to brain haemorrhage, reported The Economic Times.

Dr Ghoshal breathed his last at 8:00 a.m. (London Time) at the Royal Free Hospital, Hampstead, in Britain.

Julian Birkinshaw, Ghoshal's colleague at the London Business School, said that Ghoshal had been on life support during an 11-day critically ill period, reported The Economic Times.

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The 55-year-old professor of strategic and international management at London School of Business was the co-author of the book, Managing Across Borders: The Transnational Solution.

The Kolkata-born academic always wished for Indian companies to become globally competitive. He also put forth the '525 rule'. The '525' rule meant that 25 per cent of a company's sales revenue should accrue from products launched during the last 5 years. He was recognised for his research and teaching on strategic, organisational and managerial issues confronting global companies.

He held doctoral degrees in management from, both, MIT and Harvard. He held the Robert P Bauman Chair in Strategic Leadership at the London Business School. He was described by The Economist as 'Euroguru'.

The Indian School of Business instituted the Sumantra Ghoshal Award in 2003 for corporate strategy, leadership and change management, in his honour.