New Delhi, Former McKinsey India head Adil Zainulbhai has been re-appointed chairman of Network18, billionaire Mukesh Ambani's listed media company, while veteran journalist Rahul Joshi has been given another three-year term as CEO .
Zainulbhai is currently an independent director on the board of directors of Network18. He is also the president of the company. His second five-year term will end on July 6.
As of July 7, he has been “appointed as an additional director (non-executive, non-independent director),” Network18 said in a filing to the stock exchange.
"In addition, he will also be appointed president of the company."
Removing the independent director tag is seen as giving Zainulbhai, an IIT and Harvard graduate who was previously chairman of McKinsey India and chairman of the Quality Council of India, more say in the company's operations.
Zainulbhai was first appointed to Network18's board of directors in July 2014.
The company said its board also approved "the re-appointment of Rahul Joshi as managing director of the company with effect from July 9, 2024, for another three years to hold office till July 8, 2027."
Joshi, 51, was first appointed CEO in July 2018 for a three-year term, which was renewed in July 2021.
"Prior to joining the Network18 Group, he worked with The Economic Times for over two decades, where he rose through the ranks to quickly become one of India's youngest editors, and also worked as its editorial director," the filing said. the company.
The board also appointed Renuka Ramnath, founder of private equity firm Multiples Alternate Asset Management, as an independent director with effect from July 4, 2024, for a period of one year. She replaces Bhama Krishnamurthy, who resigned from the company's board.
Krishnamurthy resigned because she did not have permission from the Ministry of Information and Broadcasting to be a member of the board of directors of a company that has news broadcasting channels.
TV18 Broadcast Ltd (TV18) will merge with Network18. Following the merger, Network18 will own the broadcast channels.
Currently, all board members except her had clearance from the MIB.
TV18 is a subsidiary of Network18 and manages its core broadcasting business. It runs India's largest news network, covering business news (CNBC-TV18), general news (CNN News18 and New18 India) and regional news.
Ramnath, who is currently the independent director of TV18, has clearance from the ministry.
Zainulbhai is currently an independent director on the board of directors of Network18. He is also the president of the company. His second five-year term will end on July 6.
As of July 7, he has been “appointed as an additional director (non-executive, non-independent director),” Network18 said in a filing to the stock exchange.
"In addition, he will also be appointed president of the company."
Removing the independent director tag is seen as giving Zainulbhai, an IIT and Harvard graduate who was previously chairman of McKinsey India and chairman of the Quality Council of India, more say in the company's operations.
Zainulbhai was first appointed to Network18's board of directors in July 2014.
The company said its board also approved "the re-appointment of Rahul Joshi as managing director of the company with effect from July 9, 2024, for another three years to hold office till July 8, 2027."
Joshi, 51, was first appointed CEO in July 2018 for a three-year term, which was renewed in July 2021.
"Prior to joining the Network18 Group, he worked with The Economic Times for over two decades, where he rose through the ranks to quickly become one of India's youngest editors, and also worked as its editorial director," the filing said. the company.
The board also appointed Renuka Ramnath, founder of private equity firm Multiples Alternate Asset Management, as an independent director with effect from July 4, 2024, for a period of one year. She replaces Bhama Krishnamurthy, who resigned from the company's board.
Krishnamurthy resigned because she did not have permission from the Ministry of Information and Broadcasting to be a member of the board of directors of a company that has news broadcasting channels.
TV18 Broadcast Ltd (TV18) will merge with Network18. Following the merger, Network18 will own the broadcast channels.
Currently, all board members except her had clearance from the MIB.
TV18 is a subsidiary of Network18 and manages its core broadcasting business. It runs India's largest news network, covering business news (CNBC-TV18), general news (CNN News18 and New18 India) and regional news.
Ramnath, who is currently the independent director of TV18, has clearance from the ministry.
