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Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Vodafone Idea Limited (VIL), India’s third-largest telecom operator, has begun the search for a new chief executive officer (CEO) as incumbent Akshaya Moondra’s tenure concludes in August, LiveMint reported, citing two senior industry executives aware of the development.
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Also Read: Indian Government to Raise Stake in Vodafone Idea to 48.99 Percent
Vodafone Idea Begins Search for New CEO
The company, which recently secured a second financial lifeline from the government, is exploring candidates from consumer and technology sectors with strong expertise in distribution, according to the report.
“The search for the new CEO has started and the telco may look at CXOs from Industries like consumer and technology (sectors) who have a strong understanding of distribution,” said one of the sector executives, as per the report.
Government Stake Increase on VIL
The Indian government has decided to convert Rs 36,950 crore of VIL’s outstanding spectrum auction dues into equity, under the provisions of the September 2021 telecom reforms package. VIL announced this development in an exchange filing on March 30. As a result, the government’s shareholding in VIL will increase to 48.99 percent from 22.6 percent. However, VIL’s promoters will continue to retain operational control of the company.
Citi’s View on Vodafone Idea
The government’s decision to convert Rs 36,950 crore of Vodafone Idea’s dues into equity is a big positive, Citi said on Monday.
