Uninor CEO Yogesh Malik quits
07 November 2013
Uninor, the Indian unit of Norwegian telecom giant Telenor, chief executive officer Yogesh Malik has resigned ciing personal reasons. The GSM operator has appointed Telenor's Asian operations head Sigve Brekke as interim CEO.
The company has already started the process of selecting a new CEO to take up the position, it said in a statement.
''Yogesh has made important contributions towards the development of Uninor for the last three years. I thank Yogesh for his contribution to the company and wish him the best in his future endeavours,'' said Brekke.
Last month, Uninor declared its financial results for the quarter, with a significantly reduced EBITDA (operating profit) loss and improved revenue growth by 23 per cent in the six circles compared with the same quarter last year.
The company's performance on all key indicators including average revenue per user (ARPU) and churn had improved, with ARPU reaching Rs100 and churn reducing to 5 per cent.
Uninor has already achieved EBITDA break-even in five of its six circles. Telenor Group has also stated that its operational cash flow breakeven within the calendar year 2013 has been maintained.
''Uninor continues to perform well and we are close to reaching the breakeven target. said Brekke.