Mi­cro­max CEO quits amid fall­ing sales

The Pak Banker - - COMPANIES/BOSS -

MUM­BAI: The chief ex­ec­u­tive of­fi­cer (CEO) of In­dia's se­cond-largest phone man­u­fac­turer Mi­cro­max has left the com­pany, the se­cond high-pro­file de­par­ture within a year, as the busi­ness grap­ples with fall­ing sales in the face of com­pe­ti­tion from cheaper Chi­nese handsets.

Mi­cro­max said that Vi­neet Taneja has left to pur­sue other op­por­tu­ni­ties. It did not name a suc­ces­sor but said that se­nior man­age­ment can han­dle op­er­a­tions in his ab­sence.

The com­pany's low-cost smart­phones have en­abled it to grow rapidly since 2008, but sales have slowed more re­cently. Ship­ments fell by 12.1% in the fi­nal quar­ter of 2015, against growth of 15.4% for sec­tor as a whole, data from in­dus­try tracker IDC showed. Taneja joined Mi­cro­max from Sam­sung Elec­tron­ics' In­dian busi­ness in 2014 as the com­pany be­gan to step up its in­ter­na­tional ex­pan­sion into coun­tries such as Rus­sia. In the past year, how­ever, Mi­cro­max has been un­der­cut by even cheaper fea­ture-rich smart­phones sold by Chi­nese ri­vals in­clud­ing Xiaomi, Len­ovo, and LeEco. Taneja's exit comes al­most a year af­ter for­mer Bharti Air­tel CEO San­jay Kapoor re­signed as Mi­cro­max chair­man. Mi­cro­max, which is ma­jor­ity owned by its four co-founders, has ex­panded into ar­eas such as per­sonal com­put­ers and tele­vi­sions, but mo­bile phones still ac­count for the bulk of its busi­ness. -

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.