Vodafone Idea CEO Balesh Sharma Quits, Ravinder Takkar Appointed as New Chief
Sharma's departure from the top post, however, is being seen as a casualty of the ongoing stress in the telecom sector. He was appointed the first CEO of merged entity Vodafone Idea less than a year ago. The company is not doing well on the financial front and is also continuously losing subscribers.
New Delhi, August 19: In what is seen as a major casualty of the ongoing stress in the telecom sector, Vodafone Idea CEO Balesh Sharma has resigned with immediate effect. The company's board said on Monday that Sharma has resigned due to "personal reasons". The company has consequently appointed Ravinder Takkar as its MD and CEO. The board said that Sharma would take up a new role with the Vodafone Group, which will be announced in due course. Reliance Jio Fibre's Launch Announcement Creates Ripples, Bharti Airtel Shares Drop by 6.5 Per Cent and 3.7 Per Cent of Vodafone Idea.
Sharma's departure from the top post, however, is being seen as a casualty of the ongoing stress in the telecom sector. He was appointed the first CEO of merged entity Vodafone Idea less than a year ago. The company is not doing well on the financial front and is also continuously losing subscribers.
"The Board of Vodafone Idea Ltd today (Monday) announced that it has accepted Balesh Sharma's request for personal reasons to step down as CEO of Vodafone Idea," the company said in a statement.
The statement noted that Sharma has overseen the successful integration of Vodafone Idea, resulting in the estimated timeframe to complete the integration falling from four to just two years. "Balesh has driven the strategy of the combined business since its formation and he has also spearheaded the largest-ever equity raise in India," the company said. Reliance AGM 2019: Mukesh Ambani Claims Jio Subscriber Base Crosses 340 Million, Says Ready to Kick-Start 4 New Growth Engines.
Takkar, who will takeover as MD and CEO with immediate effect, has been appointed for a three-year period. He is currently a Non-Executive Director on the board of the company and that of Indus Towers, where he is responsible for all Vodafone Group interests in India, the company said in a regulatory filing.
(The above story first appeared on LatestLY on Aug 19, 2019 07:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).