Thursday, November 7, 2013

Uninor CEO Yogesh Malik calls it quits

Ahead of the third round of the telecom spectrum auction, Yogesh Malik, the chief executive officer of Norwegian firm Telenor's India arm, has resigned from his position citing personal reasons.

"The company has already started the process of selecting a new CEO to take up the position. In the interim, as a temporary measure, Sigve Brekke, currently the head of Telenor Group's Asia operations, will also take up the position of the acting CEO of the company," it said in a statement.

Last month, Uninor declared its financial results for the quarter.

The company has delivered a significantly reduced Ebitda loss and 23% revenue growth in the six circles compared to the same quarter last year.

The company's performance on all key indicators with average revenue per user reaching Rs 100 and churn reducing to 5%. Uninor has already achieved Ebitda break-even in five of its six circles.

Telenor Group is aiming to achieve operational cash flow break-even within the calendar year 2013. "Uninor continues to perform well and we are close to reaching the break-even target. This is the result of a tremendous team effort and the 'winning every day' mindset," said Sigve Brekke.
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