Business · Companies · 8 hrs ago
Lava MD Sunil Raina and CFO Rajesh Sethi are leaving the company
Lava managing director Sunil Raina and CFO Rajesh Sethi are leaving the smartphone maker.
Raina, who has worked at the company for 16 years, is due to step down by the end of December, while Sethi is serving his notice period.
Their departures come as Noida-based Lava is turning around.
The company is seeking to fill a gap in India's entry-level smartphone market as prices rise and Chinese brands leave space in that segment.
Raina became managing director in 2023 after co-founder Hari Om Rai was arrested in a money-laundering case.
Reports suggest Rai may return as managing director after Raina leaves, but Lava and Rai have not commented.
Lava's leadership after Raina's exit remains uncertain.
Lava managing director Sunil Raina and chief financial officer Rajesh Sethi are leaving the smartphone maker.
Raina will step down by the end of December, according to people familiar with the matter.
Sethi is serving his notice period.
The exits come as Noida-based Lava is experiencing a turnaround and seeks to fill a gap in the entry-level smartphone market.
Raina was appointed managing director in 2023, after co-founder Hari Om Rai was arrested in a money-laundering case.
- Who
- Lava managing director Sunil Raina and chief financial officer Rajesh Sethi.
- What
- Both are leaving the smartphone maker.
- When
- Raina is expected to step down by the end of December. Sethi is serving his notice period.
- Where
- Lava is based in Noida, India.
- Why
- The sources do not state why Raina and Sethi are leaving.
This story does not have two clearly opposing sides.
Sunil Raina was appointed managing director after Lava co-founder Hari Om Rai was arrested.
Economic Times reported that Raina and CFO Rajesh Sethi are leaving Lava.
Raina is expected to step down.
- Sunil Raina
- Lava managing director; with the company for 16 years
- Rajesh Sethi
- Lava chief financial officer; serving his notice period
- Raina's departure
- Expected by the end of December
- Lava headquarters
- Noida
- Raina's appointment
- Managing director in 2023