Mr. Vineet Taneja, the CEO of Micromax Informatics, India's largest home-grown smartphone vendor, has reportedly resigned from the company. This makes him the latest in a long line of senior executives who have left the company over the past few weeks in search of greener pastures elsewhere. The news was confirmed on Tuesday by a Micromax spokesperson, who read out a prepared statement thanking Mr. Taneja for his services to the company and wishing him the best in his future endeavors. The spokesperson refused to speculate on the company's future plans regarding a replacement for the outgoing chief executive, who had joined the company back in June 2014 from Samsung Electronics, where he was the head of the company's mobile phone business.
Before his stint at Samsung, Mr. Taneja also worked at Bharti Airtel, Nokia and Hindustan Lever (the Indian arm of European FMCG major, Unilever). His exit does not exactly come as a major surprise for those in the know, as reports in January this year had hinted at the possibility of Mr. Taneja putting in his papers at the company in the midst of persistent disputes between the firm's top-management and an increasingly assertive group of promoters in the privately-held company. Of course, the mass exodus had started last year itself, with the then-Chairman of Micromax, Mr. Sanjay Kapoor, resigning from the company amidst the ongoing unseemly power tussle with the promoters.
Micromax happens to be the second largest smartphone vendor in India after South Korea's Samsung Electronics, but has been having a tough time of late, having to deal with increased competition from Chinese vendors like Xiaomi, Meizu, Coolpad, Lenovo and Huawei, among others. According to the latest data released by market research firm IDC (International Data Corporation), Micromax accounted for 14.1 percent of all smartphones sold in the country during the fourth quarter of last year. The company held an 18 percent share of the Indian smartphone market during the same period in 2014. Meanwhile, Samsung continues to be the market leader in India ahead of Micromax, having increased its market share to 26.8 percent during the last three months of 2015 from 22 percent during the same period in the previous year (2014).