03/03/2016 10:07 AM IST | Updated 15/07/2016 8:26 AM IST

Micromax CEO Vineet Taneja Resigns

Bloomberg via Getty Images
Vineet Taneja, chief executive officer of Micromax Informatics Ltd., poses for a photograph at the company's headquarters in Gurgaon, Haryana, India, on Tuesday, March 17, 2015. Micromax, the Indian smartphone maker threatening Samsung Electronics Co.'s lead in the world's second-largest market, plans to raise more capital to help it break away from foreign rivals. Photographer: Prashanth Vishwanathan/Bloomberg via Getty Images

NEW DELHI -- Vineet Taneja, chief of Indias second-largest handset maker Micromax, has stepped down after a two-year stint with the company.

"Vineet has moved on to pursue other interests. We would like to thank him for his contribution and wish him good luck," a Micromax spokesperson said in an emailed statement.

The company hasn't yet named a successor to Taneja. It said "the co-founders and senior leadership are very well entrenched in to the operations and the business is as usual."

Taneja, who has been associated with Bharti Airtel and Nokia, had joined Micromax in July 2014.

Previously, he was heading the handset business at Samsung India.

The homegrown company has seen a lot of executive movement in the past few quarters.In August, its Chairman Sanjay Kapoor stepped down from his post, after spending a little over a year at the company.In October, Kapoor said he would contest charges of alleged financial irregularities levelled against him by Micromax and threatened to sue the firm.

The company did not respond to queries related to Kapoor.In January, Micromax had roped in Vikas Thapar as Senior Vice President Finance. Apart from building the company's asset and revenue base, he has also been tasked to lead external relationship developments with key stakeholders including bankers, equity partners, investors and government authority.

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