More changes at Network18’s digital business (Web18):
Joyson Thomas, the CEO of MoneyControl, and one of the founding members of moneycontrol.com, has quit the company after almost 15 years building that business. On being contacted by MediaNama, Thomas declined to confirm or deny that he is leaving. However, we’ve heard from multiple, reliable sources that tomorrow is his last day with the company. He was the COO of Web18′s financial verticals prior to being made CEO of Moneycontrol in April 2013.
Thomas’ departure means that in the last year alone, three CEO’s from Network18’s digital business have left: Rajan Srinivasan, then CEO of IBNLive, quit in October 2013. Durga Raghunath, CEO of Web18, who had taken over from Lakshmi Narasimhan, quit last month.
Another significant departure is that of Arunava Sinha, the Head of Network18 owned IBNLive and CricketNext. Sinha had been with Network18 for over four and a half years, and had joined the company in 2010, from NDTV Convergence, where he was Chief Product Officer. Prior to joining NDTV Convergence, he had been Chief Product Officer at Naspers owned MIH India (Ibibo), before which he had been with Indiatimes, and Indya.com. Sinha is also a writer and translator, and translates Bengali literature into English. His LinkedIn profile lists 29 books that have been translated by him.
These are turbulent times at Network18, following its acquisition by Reliance Industries. The company, in its recent financial disclosures, said that its Digital Content business has turned around, but declined to disclose revenues for the last quarter.
Also read our coverage of Reliance Industries’ acquisition of Network18.