Sanjay Kapoor is stepping down as Chairman of Micromax a little after a year of taking up the post, possibly over differences with founders over strategy.
Micromax has confirmed Kapoor’s departure but has refrained from providing reasons for his leaving. Currently discussions are underway over the financial terms of his exit.
Kapoor joined Micromax in June 2014 and had been tasked with turning Micromax into a global brand, raising money for expansion and boosting the company’s software capabilities.
At the time of Kapoor’s joining, Micromax also hired Samsung India mobile head Vineet Taneja and another Bharti Airtel veteran Badal Bagri to power growth ahead of a planned IPO.
Since then IPO plans were shelved in favour of raising funding and while the company has been engaged in talks with China’s Alibaba, progress is reportedly slow over differences in valuation.
Kapoor believed that Micromax should focus on online sales channel and should increase the average selling price of its phones, however, the promoters felt neglecting offline sales and the mass market segments wasn’t an option.
Micromax’s growth to the top of the Indian mobile market has stalled in the second spot, with the company unable to beat Samsung in sales despite the Korean company struggling with a loss of brand recognition.