New Neotel CEO takes over
In January this year Neotel announced that it has appointed Sunil Joshi as the company’s new Managing Director and CEO, with effect from 1 April 2011.
Joshi has now taken over from former CEO Ajay Pandey who will move to back to Tata Communications after completing five years with Neotel.
Joshi is however not shedding any light on the company’s plans and any potential turnaround strategy just yet, but it is understood that a media briefing is planned to give more details on the company’s future strategy.
Making Neotel better
In January this year Neotel made headlines after a Deloitte & Touche auditor’s report which was interpreted as questioning the sustainability of Neotel’s continued operations.
“… the company’s recurring losses from operations and shareholders’ deficit raise substantial doubt about its ability to continue as a going concern,” auditors Deloitte & Touche said in an annual report filed with the US Securities and Exchange Commission.
This report followed news in December 2010 that Neotel may be retrenching staff as part of a strategy to create a more profitable company.
In response to the retrenchment rumours Neotel said that it was “in the process of evaluating its business strategy, operational performance, efficiency and competitiveness with a view to ensuring that long-term sustainability is achieved.”
Neotel previously indicated that this process would be completed by the end of March 2011, in time for the new CEO to take over with a new company structure.
It is understood that the process is being wrapped up, but Neotel would not divulge any details about the restructuring at the company.
Neotel today said that while Sunil Joshi began his official duties on 1 April 2011, it would be premature of him to comment on the internal realignment right now.
Neotel did however say that Joshi “is committed to outlining his views of how Neotel plans to deliver to its customers and stakeholders, as soon as practical.”
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