Recent reports indicate that Samsonite’s CEO may have bluffed his way into a $6,000,000 per year position. Ramesh Tainwala, who has served in his current position at the luggage giant since 2014, has been accused of falsifying his doctorate in business administration. Though higher-ups at the company initially backed Mr. Tainwala despite the claims, further evidence led to their acceptance of his resignation just days ago.
Uncovering resume fraud
The controversy was sparked by an analysis, compiled and released by Blue Orca Capital, which claimed that Mr. Tainwala had falsified his credentials by claiming to have earned a Ph.D. in business administration. While Samsonite’s public bio of their chief executive officer makes no mention of his doctorate, multiple examples exist (including some from Mr. Tainwala himself) which confirm that the false claim has been made public on several occasions.
Mr. Tainwala was enrolled in a business administration program at Union Institute and University from February of 1992 to September of 1993. Regardless, no doctorate degree was ever granted and it is unclear whether he even attended classes. In light of this, it is reasonable for investors to question both his leadership abilities and his trustworthiness. Since such political baggage can dramatically undermine investor confidence and stock performance, Mr. Tainwala tendered his resignation soon after the allegations broke. Samsonite International is expected to carry on under the executive direction of Kyle Gendreau, who formerly served as CFO at the same company.
The prevalence and impact of fraudulent credentials
The Samsonite controversy is far from an isolated incident. Fraudulent credentials are regularly uncovered, and they frequently lead to the termination of employees – from entry-level hires all the way to the top executives. In fact, surveys indicate that up to eighty-five percent of hiring managers have discovered inaccurate or falsified credentials on a resume. Since such inaccuracies can potentially cause disastrous damage to your hiring process, it’s essential to thoroughly vet every promising applicant’s background.
Chane Solutions specializes in providing comprehensive background checks to businesses in need. In order to build confidence in your new hires and set yourself up for a successful future, it’s vital to have a complete and accurate picture of your future employees’ abilities. Our background screening services are completely customizable to meet the unique demands of every hire. To learn more about our cost-effective screening services, contact our experts today.