Balesh Sharma, CEO of Vodafone Idea since the completion of the merger in Sept 2018, will take up a new role with the Vodafone Group. Ravinder Takkar, currently Vodafone Group’s representative in India, has been appointed as his successor with immediate effect.
Crux of the Matter
The two telecom brands Vodafone and Idea had announced their merger in March 2017 in response to the aggressive price war started by Reliance Jio’s entry in September 2016. The merger’s regulatory process completed in August 2018.
Stock price of the company closed at ₹5.95 apiece today, down 81 percent since the merger.
Vodafone Idea had raised ₹25000 crores through rights issue in April 2019, under Balesh Sharma’s leadership. Balesh Sharma is expected to take up a 7 weeks at Harvard Business School doing an Advance Management Program before he takes charge of his new profile a Vodafone Plc, UK.
Ravinder Takkar, who has been with the Vodafone group since 1994, has been appointed as MD and CEO for next three years.
Curiopedia
Vodafone Idea Merger – On 31 August 2018, Vodafone India merged with Idea Cellular, and was renamed as Vodafone Idea Limited. However, the merged entity continues using both the Idea and Vodafone brand. Currently, the Vodafone Group holds a 45.1% stake in the combined entity, the Aditya Birla Group holds 26% and the remaining shares will be held by the public. Kumar Mangalam Birla heads the merged company as the Chairman. More Info
Curated Coverage
Livemint – Vodafone Idea CEO Balesh Sharma resigns
Business Today – Vodafone Idea CEO Balesh Sharma steps down; Ravinder Takkar appointed as his successor
The Economic Times – Balesh Sharma: Balesh Sharma heads to Harvard for 7 weeks before taking charge at Vodafone Plc
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