Sumant Sinha, the CEO of AV Birla Retail, has quit the group. He had also occupied the role of group CFO at AV Birla. The group has appointed Thomas Varghese as the new CEO of the retail business, according to a report in The Economic Times. Varghese is currently senior executive president and head of Grasim’s pulp division. The reasons for Sinha’s departure is not known. Prior to joining Birla, where he spent over six years, Sinha had worked with Citicorp and ING Barings. He is the son of former Union Finance Minister Yashwant Sinha.
In another significant move, Pradeep Guha has quit Zee Entertainmnet Enterprises Ltd as CEO. Guha has started an out of home (OOH) media business called Street Culture. This will be part of Guha’s private firm, The Culture Company, according to media. The Culture Company has produced films such as Fiza and Tehzeeb. Even though Guha has working with Zee Group, he ran the firm The Culture Company, an entertainment firm.
Guha’s OOH media venture will be interesting since the space has been hotting up with private equity mone flowing into the sector. Laqshya Media, a Mumbai based OOH media firm, recently raised over Rs 300 crore from Warburg Pincus.
Guha is an accomplished media marketing professional and has spent three decades at The Times of India Group (prior to joining Zee) where he developed several media brands including the Femina Miss India, Fimfare Awards.