Micromax loses CEO as Lenovo, Samsung encroach on market share
India’s second-largest smartphone manufacturer may not have a leadership vacuum, per se, but the move certainly doesn’t come at an opportune time.
Micromax CEO Vineet Taneja has resigned after an especially lousy Q4 performance where the company shipped 13.2 percent of the market’s smartphones, down from 21.7 percent in Q3. It wedges the manufacturer between Lenovo‘s 11 percent and Samsung‘s 26.1 percent.
A Canalys analyst said that the festival season found “no demand for Micromax’s products” as buyers flocked to its competitors who have been injecting more features into cheaper and cheaper phones.
Taneja, who previously headed Samsung’s mobile operations in India before picking up this job, helped lead the company into new markets like Russia. He isn’t the only recent departure for the company, though: the chairman, sales chief and CFO positions have been vacated with the latest resignation happening in December.
The company said that operations continue as usual.
Source: Wall Street Journal