Ajit Varghese returns to Madison as CEO after exiting JioStar revenue role

Ajit Varghese to lead Madison Media and OOH as partner and group CEO after stepping down from JioStar; Mahesh Shetty to helm revenue operations at JioStar

Ajit Varghese, head of revenue, entertainment and international at JioStar, has stepped down from his role and will be succeeded by Mahesh Shetty, who currently leads the company’s large customer sales (LCS) business. The leadership change takes immediate effect, according to an internal memo released by the company on Thursday.

 

Earlier this month, JioStar had also seen the exit of Sanjog Gupta, then chief executive officer (CEO) of its sports and live entertainment division. Gupta has joined the International Cricket Council (ICC) as its seventh CEO.

 

Back to the roots at Madison World 

Varghese will now return to Madison World as partner and group CEO of Madison Media and out of home (OOH), effective immediately, as per a company release. His association with Madison marks a full-circle moment in his career, having started in media planning at Madison Media. He eventually rose to the position of chief operating officer (COO) of Madison Media Infinity, where he served for seven years from 2004.

 

“Coming back to Madison feels like returning home — but with a fresh purpose and a bigger mission. This is where my media journey began, and it’s where I now hope to help write its next big chapter,” Varghese said in a statement. 

 

“The world of media is transforming at lightning speed, and Madison is uniquely poised to lead with its client-first thinking, independent spirit, and deep talent. I’m thrilled to partner with Sam (Balsara, chairman, Madison World) and the entire team to shape the next phase, stay future-ready and platform-powered Madison that delivers innovation, agility, and measurable business outcomes for brands. The ambition is clear: make Madison the most impactful and future-facing agency in the region,” he added.

 

Leadership reshuffle amid speculation of stake sale 

Varghese’s return comes amid growing media speculation around a potential stake sale by Madison chairman Sam Balsara. Alongside Varghese’s appointment, Vikram Sakhuja, previously group CEO of Madison Media and OOH, has been elevated to executive director. He will focus on organisational capability-building from New Delhi, the release stated.

 

Balsara welcomed Varghese’s return, stating, “I am delighted to have Ajit join us back. Ajit has all the credentials to steer an agency like Madison into the future; substantial media agency experience at Madison and Group M, both in India and abroad, then with a digital publisher and finally with JioStar. Ajit, like Vikram, will join us as partner and CEO with a stake in the business.”