OnMobile revamps Its Governance Framework
OnMobile has embarked on a program to revamp its management framework, by adopting and considering a number of additional corporate governance measures as part of a new "OnMobile 2020" strategy.
In keeping with the global best practices, OnMobile has announced that as a part of the new governance framework, it is demarcating the role of the CEO and Chairman, pursuant to which Arvind Rao, the current CEO, stepped down as Chairman and was replaced by H. H. Haight as the new Chairman. Haight has been a non-executive director on the Board of the Company since 2006 and has over 25 years of experience in leadership and growth of various enterprise companies.
Haight, Chairman, said, "As part of OnMobile's future growth plans" and expansion strategies that are proposed to be rolled out, the Board thought it important that the Company moves towards adopting greater governance standards and global best practices as we grow internationally.
The board decided that it was time the corporate governance strategy and policies of the Company be reviewed and revised based on the changing needs of the Company and expectations of the global economy, which was supported by a review conducted by its advisors. We believe that once the new governance framework is in place and adopted, OnMobile will be able to strengthen its position as a market leader.
The OnMobile Board has further added industry expertise by appointing Harit Nagpal as an independent director. Nagpal is the Managing Director of Tata Sky and has previously served as the Group Marketing Director, Vodafone, UK.
The OnMobile Board also set up a corporate governance committee to review the existing governance framework to analyze and review the functioning of the current governance structure and put in place a strong risk management framework, to redesign the existing policies and procedures for improved internal controls, to develop and initiate formal succession planning with defined criteria and measurements for the management.
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