Prashant Bindal has been appointed as the CEO of Spice Mobility* (previously S Mobility) with effect from August 27, 2014, the company has informed BSE. He will be taking over from RS Desikan who ceased to become the company CEO on June 30, 2014.
Prior to this appointment, Bindal was working as the Senior Vice President and head of operations at Walmart India (Cash & Carry) for almost two years.
Before that, he was with Hindustan Coca Cola Beverages in various roles including vice president (sales & operations) for about an year & half and marketing head for Coca Cola’s bottling arm in India for about two years. He’s also had a two-year stint at Cadbury China and a seven year stint at Cadbury India.
New Chairman: Earlier in February, Dilip Modi had also taken over as the chairman of S Mobility after BK Modi had stepped down from his position as the director and chairman of the company.
S Mobility currently generates majority of its revenues from mobile device sales, with the segment accounting for around 89.9% of the company’s revenues which was at Rs 468.99 crore in the preceding quarter.
In May this year, S Mobility had also completed its long-drawn buyback offering in May this year, buying 10.22 million shares for Rs 36.85 crore at a price of Rs 36.05 per share. This represented 61.42% of the maximum buyback size. Through this buyback, promoter group shareholding had increased to 74.36%.
In June this year, Google had announced that it has partnered with Spice, Micromax and Karbonn to launch sub-$100 Android smartphones through a new initiative called Android One. These phones are expected to launch next month. The company had also forayed into wearables by launching a SIM-enabled smart watch called Spice Smart Pulse M 9010 in July this year.
Earlier this week, Spice had launched its first Firefox OS based smartphone called Fire One Mi-FX 1. The phone was priced at Rs 2,299 and is expected to go on sale exclusively through Snapdeal from tomorrow (August 29).
*Disclosure: Spice Digital is an advertiser with MediaNama.