Micromax CEO Leaves the Company as Smartphone Sales Decline
Published on: 4th Mar 2016
Note -- this news article is more than a year old.
The boss of India's second largest mobile phone manufacturer, Micromax has abruptly left the company, leaving a gap at the top of the firm.
In a statement, Micromax said that Vineet Taneja has left to pursue other opportunities. They currently don't have a successor, but say that the rest of the management can continue to run the business while a new CEO is looked for.
The reason for the sudden departure wasn't spelled out, but the company has been struggling in recent years as it failed to respond to the influx of cheaper Chinese smartphones.
Micromax's low cost phones helped it grow rapidly from 2008, but shipments declined last year, against a rising market, as overseas expansion failed to offset weakening sales due to rising competition.
Taneja's exit comes nearly a year after former Bharti Airtel CEO, Sanjay Kapoor also resigned from his role as Micromax chairman.