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Networkplay to restructure, CEO Ampreet Singh resigns; Strange situation

Networkplay’s CEO Ampreet Singh has resigned, the company has confirmed to MediaNama, adding that G+J, the Bertelsmann group company which owns Networkplay, is planning to restructure the business. However, the company told us that they do not confirm any of the reasons or future announcements mentioned in a note about Singh’s resignation, that was sent to MediaNama by PR agency. We had checked with Networkplay because the note (copied below) was oddly worded, almost like a news story. As if we would copy-paste.

A strange situation 

Networkplay wasn’t aware that Singh’s resignation is being announced. The PR Agency (The Publicist) confirmed that they had sent the note on Singh’s behalf. In an emailed response to MediaNama, Viren Anand, co-founder of Networkplay, told MediaNama:

“Yes, Ampreet Singh has resigned from his position of CEO Networkplay furthermore, the Board and Management is currently deliberating upon the scope of re-structuring that will be proposed shortly.

We have been given immense confidence from G & J Board on their commitment to India market and there continued focus on growth.

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At the same time we do not confirm on any of the reasons or future announcements mentioned in the mail below.”

Singh was appointed CEO after his co-founder Rammohan Sundaram quit in November 2012.

The strangely worded press release:

Networkplay’s CEO Ampreet Singh quits

New Delhi, 8th July’2014: Ampreet Singh CEO at Network play Media Pvt Ltd has left the company after 6 years of association. It is believed that Ampreet has sold his final stake back to the principal (G+J) some time back and was planning to exit soon. Its not clear as to what will be Singh’s next move, but it looks like that he might be planning his own new venture.

Ampreet along with 6 other colleagues from Yahoo co founded Networkplay in 2008 as brand ad network in the Indian Digital space. The venture was incubated by WebChutney, and funded by Capital18.In Early 2012 Gruner + Jahr (G+J), the media company, part of Germany’s Bertelsmann group, acquired Networkplay.

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In last couple of years Networkplay has acquired 2 other companies SeventyNine – Mobile ad network and Videoplay – Video ad network.

Before taking up the responsibility of CEO in 2012, Ampreet was Vice President Distribution and Client Servicing with key reponsbility to build and develop strong publisher base to offer media solutions to brands in the digital domain.

Singh has worked for companies like Nokia Interactive, Yahoo India, and Tribal DDB for 8 years in leadership role before venturing into the entrepreneurial role.

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P.s.: In case you’re wondering, the spider-sense-activating sentences in the press release were: “It is believed that Ampreet has sold his final stake back to the principal (G+J) some time back and was planning to exit soon. Its not clear as to what will be Singh’s next move, but it looks like that he might be planning his own new venture.”

Who writes that in a press release? Conjecture is our job, no?

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