Sony Pictures Networks India on May 24 said that its Managing Director and Chief Executive Officer NP Singh has decided to step down from the post after 25 years of being associated with the company.
"Today, I have a significant update to share. After nearly 44 years in my career, including a rewarding 25-year tenure at SPNI, I have decided to move on from my role as MD and CEO," Singh said in a statement, adding that that he will now focus on social change and shift from operational roles to advisory ones.
"However, my commitment to SPNI and its success remains strong. During my time here, we have established industry benchmarks, expanded our reach, and achieved many noteworthy accomplishments. I am dedicated to ensuring our legacy of success continues and grows under the new leadership," he said.
Sony mentioned that Singh will be with the company. He is moving on to advisory role and looking for a successor.
Singh, in his resignation letter, also mentioned that he will continue to lead SPNI until the company finds the right person to take over. "We have begun a structured succession planning process for my successor and hope to have exciting news to share in the near future. Finding the right fit is our top priority," he added.
Singh rose from the post of CFO of Sony India in 1999 to CEO in 2019. He has also was the chief operating officer (COO) of the company.
An alumnus of the Delhi School of Economics, where he completed his Master's Program, NP holds a Bachelor, Degree in Commerce from the University of Delhi. He also had a certificate from the Institute of Cost Accountants of India.
Sony Pictures Networks India, which is now known as Culver Max Entertainment Pvt. Ltd., and its entity Bangla Entertainment Pvt. Ltd. (BEPL), has been in the news for quite some time after it pulled the plug on $10-billion merger deal with Zee Entertainment Enterprises Limited (ZEEL) in January this year.
Following that, several legal procedures have taken place between the two companies to settle differences. On May 23, Zee sought termination fee of $90 million (Rs 750 crore) from Sony for calling out the merger.
Sony Group Corporation had said ZEEL failed to satisfy merger conditions and also initiated arbitration proceedings before Singapore International Arbitration Centre (SIAC) claiming $90 million (around Rs 748.5 crore) as a termination fee.
Shares of ZEE on May 23 were trading 2,2 percent higher at Rs 151.80 apiece on BSE post the termination notice.
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