Reliance Communications (RCom) in a statement to the Bombay Stock Exchange on Saturday announced that it's Chief Executive Officer Vinod Sawhny has resigned on September 30 citing personal reasons. The announcement comes two weeks after the company said it was merging its wireless business with Aircel.
The statement further said that William (Bill) Barney and Gurdeep Singh will take over Sawhny's responsibilities and function as Co-CEO's with immediate effect.
Before joining RCom, Sawhny was the President of Bharti Retail and joint president at Bharti Airtel. He has also served as member of the Airtel Management Board, according to his LinkedIn profile. Sawhny is an alumnus of XLRI Jamshedpur, BITS Pilani.
"Reliance Communications Ltd has informed BSE that the Company has accepted request of Mr. Vinod Sawhny to step down as Chief Executive Officer of the Company with effect from September 30, 2016 to enable him and his family to relocate to New Delhi for personal reasons," RCom said in a statement.
On September 28, Reliance Communications chairman Anil Ambani announced that his company had "virtually" merged with Reliance Jio Infocomm, which is owned by elder brother Mukesh Ambani. The two firms have agreements to trade and share spectrum.
In other news, RCom is one of the telecom companies, which is bidding for airwaves at the spectrum auction.
The Reliance Communication stock closed at Rs 46.30 on Friday, up 8.81 percent from its previous close on the BSE.