Who is Abhijit Kishore, new CEO leading Vodafone Idea's revival?
What's the story
Vodafone Idea (Vi) has announced the appointment of Abhijit Kishore as its new Chief Executive Officer (CEO). The decision comes after the completion of Akshaya Moondra's three-year term, which ends on August 18. Kishore, who is currently Vi's Chief Operating Officer, will assume his new role on August 19 for a period of three years.
Career history
Kishore's journey at Vi
Kishore has been with Vi since March 2015, serving in various senior leadership roles at both circle operations and corporate levels. Before his current role as COO, he led the enterprise business as Chief Enterprise Business Officer. He also served as Circle Business Head for Gujarat and Kerala circles, where he oversaw the launch of India's first 4G services.
Financial hurdles
Challenges ahead for Kishore
Kishore's appointment comes at a crucial time for the debt-laden telecom operator, which is finding it difficult to raise new debt funding. This comes amid uncertainty over adjusted gross revenue (AGR) liabilities. The company is currently in talks with the Department of Telecommunications (DoT) and the government for clarity and potential relief on this matter, which is critical to future fundraising efforts.
Past leadership
Moondra's contributions to Vodafone Idea
Moondra, who was the CFO of erstwhile Idea Cellular from June 2008 to August 2018, played a key role in the Vodafone-Idea merger in 2018. He took over as Vodafone Idea's CEO in August 2022 for a three-year term. During his tenure as CFO and CEO, he led major steps to stabilize the company's finances including a ₹25,000 crore rights issue in 2019 to reduce debt and strengthen its balance sheet amid fierce market competition and merger-related stress.