Indian-origin CEOs are establishing their prowess across the globe. It may be raining gold for these globe trotting executives as they head more Fortune-listed American firms but, weak dollar, sub-prime crisis and the looming US recession have taken their toll, as total profit of such entities has more than halved in a year's time.
But they are not the only ones. According to the latest Fortune 500 list of America's biggest corporations, which has been topped by retailer Wal-Mart Stores (six times in the past seven years), cumulative net profit of all these firms fell about 18 per cent to $645.2 billion in 2007.
However, the total turnover of America's Fortune 500 firms rose by about seven per cent to $10.6 trillion.
In the main list, Wal-Mart (revenue of $378.8 billion) is followed by energy giant ExxonMobil (372.8 billion dollars). Others in the top 10 include Chevron, General Motors, ConocoPhillips, GE, Ford, Citigroup, Bank of America and AT&T.
The US business magazine Fortune ranks America's biggest firms based on their full-year revenues in this annual list.
Compared to six last year, as many as 10 Fortune firms are now headed by CEOs of Indian origin.
Text : PTI
Image: A Wal-Mart store in Illinois | Photograph: Scott Olson/Getty Images
Also read: India's top 10 companies
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