Sandeep Bhargava will stand down as CEO of specialist film investment entity the Indian Film Co. on June 30 — the latest top exec to leave.
TIFC is an affil of broadcaster Network 18, which owns distrib Studio 18 and TV and movie arm Viacom 18, a joint venture with Viacom.
Haresh Chawla, group CEO of Network 18 and Viacom 18, will take charge until a replacement is found.
During Bhargava’s four years at TIFC, the company was listed on London’s Alternate Investment Market and raised $85 million in 2007.
It released Bollywood hits including “Ghajini,” “Singh Is Kingg” and “Jab We Met.” However, the company’s later films “Luck,” “Striker” and “Road, Movie” disappointed at the Indian box office and it’s most recent venture — Gurinder Chadha’s “It’s a Wonderful Afterlife” — underperformed.
Company reported a drop in revenues from $59.4 million the previous year, to $28.8 million in the financial year 2009-10.
“Over the last two years Sandeep has made TIFC a successful business venture and we wish him luck in his future endeavors,” Chawla said.
Earlier this year Priti Shahani, TIFC’s senior VP of marketing, distribution and syndication, left to join Reliance Big Pictures. Aman Gill, TIFC and Studio 18’s head of acquisitions and domestic distribution, quit to join Endemol’s fledgling India film business as creative producer.