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Vineet Taneja resigns as CEO of Micromax: report

vineettanejaMicromax chief executive officer Vineet Taneja has resigned from the company, reports the Times of India. The report mentions that the company’s four promoters, Rajesh Agarwal, Vikas Jain, Rahul Sharma and Sumeet Kumar, that own about 80% stake, are now in charge of the company.

Taneja was appointed the CEO in May 2014, and was responsible for global partnerships and strategic alliances along with consolidating Micromax’s presence in the market. Note that in August last year, chairman of Micromax Sanjay Kapoor exited the company only a year after his appointment. Kapoor was hired to spearhead Micromax’s foray into other international markets in the near future and also handle their existing international business.

Interestingly, Kapoor and Taneja have worked together before Micromax: Taneja was the Operations Director (South India and Sri Lanka) for Bharti Airtel before he joined Samsung, while Kapoor was the CEO. Both joined Micromax around the same time; Kapoor was appointed Chairman in June 2014, a week and half after Taneja was appointed as the CEO.

Other exits: The TOI report mentions that Micromax has seen various top level exits recently. Prosenjit Sen, VP of sales quit last month while Khaja Muzaffarullah, head of feature phones also quit. Similarly, Teja Gudena, VP of R&D and CFO Badal Bagri also put in their papers.

Prior to Taneja’s appointment Deepak Mehrotra, the previous CEO, had resigned as the in October 2013 to join Pearson. Around the same time, Micromax co-founder and then managing director Rajesh Aggarwal had quit after being arrested by the CBI, along with another company executive Manish Tuli, on bribery charges in August 2013.

Recent developments at Micromax:

– Last month Micromax entered into a partnership with Transerv to integrate its wallet on the company’s phone.

– The same month the company said it would invest Rs 300 crore in India over the next few months to set up 3 new manufacturing plants.

– In the same month, the Delhi High Court extended the injunction against Micromax to its subsidiary Yu Televentures for violating Ercisson’s patents

– In October, Micromax invested an undisclosed amount in music streaming service Gaana, to make the app available on all Micromax smartphones. The same month, it made an undisclosed strategic investment in an international startup called MiMedia which offers online backup and cloud storage services.

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