Former McKinsey India head Zainulbhai reappointed as Network18 chairman

Former McKinsey India head Adil Zainulbhai has been reappointed as chairman of billionaire Mukesh Ambani's listed media company Network18, while veteran journalist Rahul Joshi has been given another three-year term as managing director.

Zainulbhai, currently, is an independent director on the board of Network18. He is also the chairman of the company. His second five-year term ends on July 6.

With effect from July 7, he has been "appointed an additional director (non-executive, non-independent director)", Network18 said in a stock exchange filing.

"Further, he is also designated as chairman of the company."

The shedding of the independent director tag is being seen as giving Zainulbhai -- an IIT and Harvard graduate who previously was chairman of McKinsey India as well as chairman of Quality Council of India -- more say in the company's operations.

Zainulbhai was first appointed on the board of Network18 in July 2014.

The company said its board has also approved "re-appointment of Rahul Joshi as managing director of the company with effect from July 9, 2024, for a further three-years to hold office up to July 8, 2027".

Joshi, 51, was first appointed as managing director in July 2018 for a three-year term, which was renewed in July 2021.

"Prior to joining Network18 Group, he worked with The Economic Times for more than two decades, where he rose through ranks to quickly become one of India's youngest editors, and has also worked as its editorial director," the company filing said.

The board also appointed Renuka Ramnath, founder of private equity Multiples Alternate Asset Management, as an independent director with effect from July 4, 2024, for a period of one year. She replaces Bhama Krishnamurthy, who resigned from the company board.

Krishnamurthy resigned as she did not have clearance from the Ministry of Information and Broadcasting to be a board member of a company that has news broadcasting channels.

TV18 Broadcast Ltd (TV18) is being merged with Network18. Upon merger, Network18 will be owning broadcasting channels.

Presently, all members of the board except her had clearance from MIB.

TV18 is a subsidiary of Network18 and manages its primary business of broadcasting. It runs the largest news network in India, spanning business news (CNBC-TV18), general news (CNN News18 and New18 India), and regional news.

Ramnath, who is presently an independent director of TV18, has clearance from the ministry.