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6 CEOs Hunt for New Jobs as Telecom Market Goes Down
By siliconindia
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Tuesday, 25 October 2011, 23:55 IST
Bangalore: India's telecom story is over. Industry revenues have not gone up in two years, admitted the promoter of one of the largest mobile phone companies, reports Joji Thomas Philip & Chaitali Chakravarty of Economic Times
Top six executives of mobile phone companies are hunting for new jobs, signaling bad times for a sector that was once touted as the symbol of India's growth story. Those looking for a career change include the CEO of one of India's largest telecom operators and the heads of two new entrants.
Many top executives are looking at changing sectors. Funds have dried up, expansion is on hold, profits and customer additions have slowed even as the 14-player industry battles to recover from the fallout of the 2G spectrum scam. Most companies are battling high debt and inactive revenues. Banks have refused to lend as 3G is making very slow progress.
A leading headhunter, who is aware of three CEOs heading telecom companies looking for new jobs, said, instead of managing growth, expansion and rolling out new service offerings, most chief executives are confronted with reducing head count, restructuring exercises, merging verticals and businesses. These officials now faced new challenges as the focus of their companies had shifted to cutting costs and increasing efficiencies, triggering job culls across the board. He declined to be named as he is working with some of these CEOs who are looking for greener pastures.