Micromax CEO Vineet Taneja resigns

Vineet Taneja, chief executive of India’s second-largest telephone handset maker, Micromax, has stepped down after a two-year stint with the company.

“Vineet has moved on to pursue other interests. We would like to thank him for his contribution and wish him good luck,” a Micromax spokesperson said. The company hasn’t yet named a successor to Taneja. It said “the co-founders and senior leadership are very well entrenched in to the operations and the business is as usual.”

Taneja, who has been associated with Bharti Airtel and Nokia, had joined Micromax in July 2014. He was heading the handset business at Samsung India.

The homegrown company has seen a lot of executive movement in the past few quarters.

In August, its chairman Sanjay Kapoor stepped down from his post, after spending a little over a year at the company. In October, Kapoor said he would contest charges of alleged financial irregularities levelled against him by Micromax and threatened to sue the firm.

The company did not respond to queries related to Kapoor.

In January, Micromax had roped in Vikas Thapar as Senior Vice President Finance. Apart from building the company's asset and revenue base, he has also been tasked to lead external relationship developments with key stakeholders including bankers, equity partners, investors and government authority.