Senthil Chengalvarayan steps down as Network18 Business Editor

The comes days after the RIL- owned company removed Group CEO A P Parigi ahead of Rahul Joshi joining office as its CEO of News and Group Editor-in-Chief

On the day its new CEO of News, Rahul Joshi joined office, Network18, the firm which owns CNBC TV18 and CNN-IBN news channels, today said its Editor-in-Chief for Business Newsroom, Senthil Chengalvarayan has quit.

The development comes days after the Reliance Industries- owned company removed Group CEO A P Parigi ahead of Joshi joining office as its CEO of News and Group Editor-in-Chief.

"Senthil Chengalvarayan, Editor-in-Chief, Business Newsroom, Network18, has decided to move on," the company said in a statement.

Senthil was with the Network18 Group since its formative days.

On September 25, the company had announced that Parigi has been shifted as Advisor to its Chairman Adil Zainulbhai.

No reasons were assigned for moving out Parigi, who was appointed Group CEO only in January this year. Prior to joining Network18, Parigi was the Managing Director and CEO of Radio Mirchi/Entertainment Network India Ltd (ENIL), a subsidiary of Times Infotainment Media Ltd (TIML).

The company statement said Zainulbhai thanked Senthil for his "stellar contributions over 21 years in the group."

"Senthil, who I consider as a valued colleague and a friend, had a range of contributions over the last 21 years. Today isn't the day to reiterate them," he said. "This is a moment to say a big thank you and to join together in wishing Senthil the very best in whatever he undertakes hereon."

In a separate e-mail to employees, Zainulbhai announced Joshi joining as CEO-News and Group Editor-in-Chief.

"Today, I am delighted to formally welcome Rahul and introduce him to those of you at Empire Building and India Bulls," he said.

Joshi joined office in Mumbai and will visit the company's office in New Delhi on Wednesday.

"As the CEO-News and Group Editor-in-Chief, Rahul will spearhead -- and ultimately drive with 'ownership mindset' -- all aspects of our company's rich and diverse portfolio," he said in the e-mail.

Joshi was the Editorial Director of BCCL's The Economic Times newspaper prior to joining Network18.

Seeking employee support for Joshi, Zainulbhai said "... he would need the complete support of each one of you, especially from co-owners and leaders of each business and editorial products."

"Let us all commit to co-create unmatched value creation," he wrote.

The company statement announcing the exit of Senthil quoted him as saying that he was leaving the company with warm memories.

"I would like to thank all my colleagues for the tremendous support I received from them through my time here. Given its people and leadership, Network18 will continue to retain its dominant position and scale new heights," he said.