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Vineet Taneja has quit Samsung to join desi smartphone brand Micromax as its Chief Executive Officer. Taneja had joined Samsung in March last year and was responsible for consolidating the Korean phone maker’s market leadership in a tough market.
While Taneja’s move fits in well with Micromax’s ambitious game-plan to chart out growth in international markets, it also points to the state of affairs in Samsung.
Even though the Korean phone maker has captured the pole position in terms of market share, its Korean boss is understood to be unhappy with the volumes being sold, especially in the high-end segment where the margins are better.
According to IDC, Samsung ended 2013 with 38 per cent share of the smartphone market, but about 50 per cent of the shipment volumes were of its low-end smartphones.
Micromax, a leading consumer electronics brand and the country’s second largest smartphone player, announced on Sunday the appointment of Vineet Taneja as its new Chief Executive Officer.
He was the Country Head (IT and Mobile businesses) of Samsung India till recently. Some of its latest models, such as the S4 and the Galaxy Note 3, did not take off as expected.
On the other hand, desi brands such as Micromax and Lava have been cornering market at the low- and mid-end segments with cheaper devices. Taneja is the third country head to leave Samsung India’s phone business since 2009.
On the other hand, Micromax has been gaining market share in the Indian market apart from foraying into new countries like Russia. Taneja will be expected to steer Micromax through the next phase of growth by capitalising on the immense opportunities in the data devices segment.
Rahul Sharma, Co-founder, Micromax, said, “Vineet will be a strong partner in our vision to be India’s first technology brand to leave an imprint at the global level.”
‘Great opportunity’ Micromax has been one of the success stories in India’s mobile eco-system. “It is a great opportunity for me to lead Micromax into its next phase of growth by consolidating and further strengthening its position in India, and looking at global markets to complete its transition of becoming a global force to reckon with,” said Taneja.
With over 25 years of experience, Vineet has worked with leading consumer brands such as Hindustan Lever, Nokia and Bharti Airtel.
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