Micromax CEO Vineet Taneja resigned

Vineet Taneja Samsung
 Informatics CEO Vineet Taneja has resigned from the smartphone and tablet company, according to media reports.

Last year, Micromax Chairman Sanjay Kapoor has also resigned.

Vineet Taneja joined Micromax after working with Samsung as country head of its mobile business. Both Sanjay Kapoor and Vineet Taneja earlier worked with Bharti Airtel as well.

Micromax is the second largest smartphone supplier in India with 14.1 percent share in the fourth quarter of 2015.

Shipments of Micromax smartphones fell 12.1 percent year over year and 23.5 percent quarter on quarter.

Samsung, the main rival of Micromax, achieved marginal sequential growth and higher share gain in Q4 2015 — accounting for 26.8 percent share of shipments.

“Micromax is facing tremendous competition from both home-grown and China-based vendors at different price points under $200. Micromax’s 4G share of smartphones increased to 27 percent, leading the LTE shipments amongst home-grown vendors,” said IDC in February.

Micromax sells more than 3 million mobility devices every month, with a presence in more than 560 districts through 130,000 retail outlets in India.