OnMobile loses second CFO in six months, ropes in Rajesh Kunnath from Times Internet
Bangalore-headquartered VAS firm OnMobile Global Ltd has appointed Rajesh Kunnath as its new chief financial officer (CFO) after Amit Rastogi resigned from the position within four months of joining the company. The reason for the quick departure could not be immediately ascertained.
The company has been facing pressure on its bottomline. For the fourth quarter ended March 31, 2012, the firm saw its consolidated net profit shrink 82 per cent over the year-ago period and 73 per cent, compared to the previous quarter ended December 31, 2011, to Rs 4.8 crore. This was even as the revenues continue to grow.
Rastogi resigned on April 10, 2012, and the board accepted his resignation with effect from May 25. He had joined the firm earlier this year after Rajesh Moorti quit as the CFO of the company after a five-year stint last December. Since then, Moorti has joined Manipal Education & Medical Group as a vice-president.
Kunnath served as the CFO of Times Internet Ltd for over three years and had previously worked for a year in the ad-for-equity investment unit of Bennett, Coleman & Co. Ltd (the Times of India group) called Private Treaties as the CFO. Prior to that, he was the head of finance at Himatsingka Seide, VP (finance) at BCCL and also worked at Heinz India, Hindustan Lever and ABB.
For the public-listed OnMobile, these changes mark another series of flux at the top management over the past few months. In an earlier development, Arivnd Rao, CMD of the company, stepped down as the chairman while retaining his position as CEO & managing director.
OnMobile is one of the top VAS companies catering to mobile, landline and media services providers and targets such areas such as mobile entertainment, search & discovery, data services and mobile social networking. Over the past couple of years, the company has started focusing on international businesses and almost 50 per cent of its topline now comes from abroad.