He has been one of India's top media and entertainment executives and will remain at Disney until December 31, 2020, to ensure a smooth transition.
Here is more about Shankar's decision and his role at Star and Disney.
Shankar announced his decision to leave through a public statement where he indicated he is moving on to pursue an entrepreneurial endeavor.
The executive didn't go into details, but asserted that he wanted to give back to the country by supporting, mentoring a "new generation of entrepreneurs as they set out to create transformational solutions that will have a positive impact on countless lives."
Shankar added that he plans on partnering with global investors and industry pioneers to achieve his vision.
"I have been contemplating the question of how I give back to the country, community, and the industry that have given me so much. I think the best way to express my gratitude will be to support and mentor a new generation of entrepreneurs," he said.
Shankar will work with Rebecca Campbell, Chairman of Disney's Direct-to-Consumer & International segment, to identify a successor and ensure a smooth transition.
Campbell said, "I want to thank Uday for his leadership and dedication...With the successful launch of Disney+ throughout the region, he has helped put The Walt Disney Company in a commanding position in this dynamic and incredibly strategic part of the world."
Shankar will be greatly missed by DTCI, Campbell said, adding that, "At the same time, I understand and respect his desire to make this change. I am extremely grateful that he has agreed to stay on to help ensure a seamless transition."
Prior to his current role as President and Chairman, Shankar was the President of 21st Century Fox for Asia and the CEO of Star India.
He took the role at Star India in 2007 and transformed it into India's largest entertainment company. Under him, Star acquired Asianet and Maa TV Network as well as launched Hotstar streaming service to take on Netflix.
Before Star India, Shankar served as the CEO and editor of Star News, and editor and news director at TV Today Group, where he spearheaded the launch of Aaj Tak, a Hindi news channel, and Headlines Today, an English news channel.
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