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OnMobile Updates: Mouli Raman Appointed MD; Search For New CEO Continues

OnMobile Global has decided to appoint two different persons for the positions of Managing Director (MD) and Chief Executive Officer (CEO), thereby splitting both the positions, reports Business Standard. OnMobile says that it has appointed the company's co-founder and Executive Director Mouli Raman as its MD, while it is still on the look out for a new CEO. This development essentially means that Mouli Raman is no longer the Interim MD after he took over that position in July 2012, following the resignation of OnMobile CEO & MD Arvind Rao and and one of the company’s promoters. Raman said that the decision to split the positions and hire two different executives was taken by the company board with OnMobile's best interests in mind, as indicated by the report. Resignation of OnMobile CEO & MD Arvind Rao: OnMobile CEO & MD Arvind Rao and one of the company’s promoters had resigned in July 2012, at the same time when the company acknowledged a special review completed by its legal advisors, Amarchand Mangaldas & Suresh A. Shroff, Advocates, duly supported by KPMG, who had identified “weaknesses in some processes”. While the company didn't clarify what these weaknesses were, but it informed that it has taken steps to rectify these weaknesses. Prior to this, OnMobile Global had also denied media reports that a probe was ordered on Rao by the company's board of directors, on account of misappropriation of funds and an enquiry was being conducted by an external auditor for it. The company had stated these…

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