Balesh Sharma has stepped down as the Chief Executive Officer of Vodafone Idea “with immediate effect due to personal reasons,” the company informed the stock exchange today. Ravinder Takkar has been named as the new Managing Director and Chief Executive Officer of the company for the next three years. The company said in a statement that Sharma will take up a new role with the Vodafone Group, which will be announced in due course.

Ravinder Takkar is a Board member of Vodafone Idea and Indus Towers. Prior to his current role, Takkar was the CEO of Vodafone Romania for three years and CEO of Vodafone Partner Markets in London. He has been with the Vodafone Group since 1994.

Kumar Mangalam Birla, Chairman Aditya Birla Group and Vodafone Idea thanked Sharma for the successful integration of the two businesses, and welcomed the appointment of Takkar saying that he is “well versed with the Vodafone Idea business context”.

This is a developing story. More updates to follow.