After three years as the CEO of Balaji Telefilms, Sameer Nair will be stepping down from his executive role effective from July 15, the company informed in a press statement. Nair will, however, continue to be associated with the company in the capacity of an advisor.
"On the successful completion of his 3-year term, he relinquishes his executive role and returns to an advisory capacity," said the company.
"It has been an amazing experience working with Ekta Kapoor, Shobha Kapoor and all my other wonderful colleagues at Balaji. The company is in great shape and the TV business is doing well. We'll soon add the DD shows to the mix in which the company retains intellectual property. We now have in place a very measured approach to the movie business, and most recently we had a very successful launch of our global business with ALTBalaji. The management teams are in place and the company is well poised for its next phase of growth. I remain a mentor and guide to the company and a close friend of the family," Nair said in the statement.
Nair was named as the company's CEO in 2014 and was tasked with the job of expanding Balaji's presence in the entertainment business. Under him, the company launched ALT Balaji, the online video streaming platform in April this year.
In 2015, when Star India exited its shareholding in the company (close to 26 per cent), Nair picked up 1 per cent stake, along with a number of other shareholders who bought out Star India's share.
In 2015, when Star India exited its shareholding in the company (close to 26 per cent), Nair picked up 1 per cent stake, along with a number of other shareholders who bought out Star India's share.
"Sameer is more like a family to us. We have a relationship dating back to 2000 when we first worked together on Star Plus. In the past three years, the company has made many significant strides, most notably in the digital domain and the launch of ALTBalaji. The leadership ranks of Ketan Gupta (COO - TV), Sanjay Dwivedi (Group CFO) and Nachiket Pantvaidya (CEO - ALTBalaji) and their teams continue to do a great job of driving topline growth and bottomline profitability. We wish Sameer the very best in his future endeavours and are happy to have his continued support as an advisor and friend," said Balaji Telefilms MD Shobha Kapoor.
The company's stock dropped 7.26 per cent on the day the news was announced, ending trading at Rs 158.95. Balaji Telefilms is yet to name a successor to Nair.