Farewell to the titans: Remembering industry leaders we lost in 2024

From Japan's "100-yen shop" creator to India's architect of modern banking, we remember the industry titans who bid farewell to this world this year

As 2024 draws to a close, we reflect on the lives and legacies of remarkable industry leaders who left an indelible mark on the world. This year, we bid farewell to visionary pioneers across various fields—entrepreneurs, financiers, media moguls, and philanthropists—whose contributions reshaped industries, economies, and societies. From Japan’s “100-yen shop” creator to India’s architect of modern banking, and from the revolutionary founders of multinational conglomerates to influential billionaires who left a global footprint, their stories remind us of the transformative power of leadership and innovation.

 

Here's a list of prominent industry leaders from India and across the globe who passed away in 2024:

 

Ratan Tata (December 28, 1937 – October 9, 2024)

 

Ratan Naval Tata, the business tycoon and former chairman of the Tata Group, died at 86, leaving behind a profound legacy. Tata served as Chairman of the Tata Group from 1991 to 2012 and briefly in 2016. Under his leadership, Tata Group grew exponentially, acquiring iconic brands like Corus, Tetley, and Jaguar Land Rover. He received the Padma Bhushan in 2000 and the Padma Vibhushan in 2008 for his contributions. 

 

Shashi Ruia (December 23, 1943 – November 26, 2024)

 

Co-founder of the Essar Group, Shashikant Ruia, died at 81. Alongside his brother Ravi, Ruia founded Essar in 1969. The group began with infrastructure projects and later diversified into energy, steel, and telecommunications, becoming a global giant. His visionary leadership transformed Essar into one of India’s largest conglomerates.  

 

Hirotake Yano (1943 – February 12, 2024)

 

Hirotake Yano, the founder of Daiso Industries, died at the age of 80 due to heart failure. He is credited with introducing Japan’s iconic “100-yen shop” concept. Yano established Daiso in 1977, transforming everyday shopping in Japan by offering quality products at low prices. He led Daiso as its president from 1977 to 2018, when he handed the baton to his son. Today, Daiso operates in over 30 countries with 4,360 stores in Japan and 990 across the globe, according to its website.

 

Jacob Rothschild (April 29, 1936 – February 26, 2024) 

 

The British financier and philanthropist, Lord Jacob Rothschild, passed away at the age of 87. A seventh-generation heir of the Rothschild banking dynasty, he left his family firm NM Rothschild & Sons Ltd and established RIT Capital Partners, one of the UK’s leading investment trusts. His independent vision and strategic thinking cemented his reputation as a prominent figure in global finance.  

 

(X@NationalGallery) 

 

Narayanan Vaghul (1936 – May 18, 2024)

 

Former chairman of ICICI Bank, Narayanan Vaghul, died at the age of 88 due to age-related ailments. Vaghul led ICICI Bank from 1985 to 2009, establishing it as a global financial institution. Widely regarded as the architect of modern Indian banking, his contributions not only reshaped ICICI Bank but also influenced the broader banking landscape.   

 

Ramoji Rao (November 16, 1936 – June 8, 2024)

 

Ramoji Rao, the influential businessman and media mogul, passed away at the age of 87. Best known as the founder of the Ramoji Group, which includes Ramoji Film City, he revolutionised the Indian media industry. He also started a Telugu news network named ETV. Rao’s ventures extended into agriculture, hospitality, food, and retail chain stores. In 2016, he was honored with the Padma Bhushan for his contributions to journalism, literature, and education.  

 

(X@ChDadaPatil) 

 

Bernard Marcus (May 12, 1929 – November 4, 2024)

 

Bernard Marcus, co-founder of The Home Depot, passed away at age 95. With a net worth of approximately $7.4 billion, Marcus co-founded The Home Depot in 1978, transforming it into the world’s largest home improvement retailer with over 2,300 stores across North America. He was also a philanthropist, supporting education, healthcare, and medical research.  

 

(X@MarioNawfal) 

 

Ananda Krishnan (April 1, 1938 – November 28, 2024)

 

Ananda Krishnan, the influential Malaysian billionaire, passed away at 86. Known for his work across telecommunications, energy, and satellite sectors, Krishnan founded Maxis Communications, Southeast Asia’s leading telecommunications firm. With a net worth of $5 billion, Forbes ranked him as Malaysia’s third-richest person.