Balaji Telefilms CEO Sameer Nair steps down from post; will now act in advisory capacity
Ekta Kapoor's Balaji Telefilms has announced that group CEO Sameer Nair will be stepping down, as per moneycontrol.com. Nair had joined the company in 2014 in order to drive the company towards expansion in the digital space. The CEO will officially hang up his boots on 15 July 2017.
As per a report by Mumbai Mirror, the decision to end the contract was mutual. Both parties mutually arrived at the decision of ending the contract, maintaining that it was in the best interest of the company. The decision also comes after Kapoor expresses the desire to limit the number of big-budget films that will be made under her banner this year.
Although Nair might be giving up his executive position, he will continue to be a consultant to the company, says a Balaji spokesperson in a statement given to Mumbai Mirror. Nair too, had only good things to say about his three year association.
In another statement, he said that the company is in a good place and that their TV business is going in a great direction. "Most recently, we had a very successful launch of our global digital business with ALTBalaji," he further added, reassuringly.
His relinquishment has already begun to show repercussions. After the announcement, the company's shares crashed over 7 percent as per moneycontrol.com.