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OnMobile’s managing director and CEO Rajiv Pancholy resigns

Rajiv Pancholy, managing director and CEO of OnMobile Global has resigned from the company. Pancholy will stay on as CEO till February 28 but has resigned from his position as managing director and as a member of the board from February 23, the company informed in a note to stock exchanges.

OnMobile Global also shook up its top level management. Chairman Francois-Charles Sirois will now take the role of CEO. Sanjay Bhambri is president and chief operating officer of India, Asia, Middle East and Africa while Ignacio Martin Velasco is president and chief operating officer of Europe and Americas.

The company added that Pancholy cited personal and family reasons for leaving OnMobile and returning to Canada. Prior to OnMobile Global, he served as managing partner and president of TTP Media in Montreal Canada. He also served as chairman and CEO of TenXc wireless in Ottawa, Canada.

The company as been shutting down non-core businesses and moving to new business models and developing products for the same. It has also been concentrating on markets in North America.  In August 2016, OnMobile entered into a deal with US-based carrier Sprint for their ringback tone service. It recently also launched ONMO, a B2C platform that offers a suite of mobile apps and services.

In an analyst call, Pancholy had explained that average spend on per use in the US is higher than any other geography in the world, apart from Western Europe. “One of the geographies in which OnMobile has been historically very weak is North America. I think this is a well-known fact. And when we look at this to the prism of all the currency fluctuations and all the currency repatriation issues we have, there’s one part of our way which is we must grow our business in those geographies where we don’t have these additional problems. So certainly North America from that point of view is fertile ground. It’s a geography in which it will put a lot of energy.”

Financials 

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OnMobile Global posted a net loss of Rs 1 crore for the quarter ended December 2016 (Q3 FY17) compared to the net loss of Rs 12.5 crore in the same quarter last year. The company had posted a net profit of Rs 4.1 crore in the preceding quarter. Revenues stood at Rs 180.5 crore a decline of 12.7% from Rs 206.8 crore in the same quarter last year. Revenue was down due to the demonetization in India, devaluation of the Egyptian Pound and poor performance in Brazil.

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