Micromax CEO Vineet Taneja resigns, reportedly in light of promoters wanting more control

Micromax CEO Vineet Taneja has resigned. The man with a mission is now on his way out and the reason for the same according to the Times of India  are the promoters of the company. The four promoters of Micromax that together own almost 80 percent of the company, decided to take charge of the same which is currently going through a bad phase. This is in fact the worst in many years as the company has now decided to stop hiring professionals and place their focus on managing day-to-day operations. While it isn’t clear whether the Vineet Taneja has resigned by himself or whether he was asked to, it seems like all is not well at Micromax indeed. While there is no official word on whole situation, TOI did manage to get some information from a top official who had recently quit the company, “The promoters want to control the business and have not left much free space for the professionals, which has led to so many exits,”. For now those top four promoters include Rajesh Agarwal, Vikas Jain, Rahul Sharma (YU) and Sumeet Kumar. Many have quit in the past including Prosenjit Sen, VP of sales and even Teja Gudena, VP for R&D. As for Taneja, the CEO had recently quit Samsung in 2014 to join Micromax. His past accomplishments include working for Bharti Airtel and Nokia.