Sounds like this CEO is still used to the old school way of thinking. My wife managed global teams for a major corporation for over 10 years. All from home. I think she might have met with some of her teammates every year or so, but not everyone could attend at that was fine. She continually increased the efficiency of these teams - all without stepping foot at any company facility.
Remote management is completely possible. It takes time to build the tools and keep to the work ethic needed, but with upper management's blessing and understanding, it can be quite profitable for the company as well.
Maybe Arvind Krishna should get out of the office and learn how it is really done instead of relying on reports.