Uninor CEO Yogesh Malik resigns

Uninor CEO Yogesh Malik has resigned from the company. The India unit of the Norwegian telecom firm Telenor said that Malik has put in his papers citing personal reasons.

"Uninor today announced a change in its leadership. The company's CEO Yogesh Malik has resigned from his position owing to personal reasons. The company has already started the process of selecting a new CEO to take up the position," the company said in a statement.

Sigve Brekke who is the head of Telenor's Asia operations has been made the interim CEO.

"The company's performance on all key indicators including ARPU (average revenue per user) and Churn (customer attrition or loss) has improved, with ARPU now reaching Rs 100 and churn reducing to 5 per cent. Uninor has already achieved EBITDA break-even in 5 of its 6 circles," the statement added.

Last month, Uninor declared its financial results for the quarter. The company has delivered a significantly reduced EBITDA loss and improving revenue growth by 23% in the 6 circles compared to the same quarter last year. The company's performance on all key indicators including ARPU and Churn has improved, with ARPU now reaching Rs. 100 and churn reducing to 5%. Uninor has already achieved EBITDA break-even in 5 of its 6 circles. Telenor Group has also stated that the ambition of operational Cash Flow break-even within the calendar year 2013 is maintained.

 

"Uninor continues to perform well and we are close to reaching the break-even target. This is the result of a tremendous team effort and the ‘winning every day' mindset on all levels of the Uninor organisation. It is this fighting spirit that will ensure that we deliver on the break even milestone for Uninor within the next months," said Sigve Brekke.