The Walt Disney Company (TWDC) today announced that Managing Director Ronnie Screwvala will step down on June 30, 2014 and Siddharth Roy Kapur, currently Managing Director of Disney UTV's studio's business, will take over the Company's India operations. Mr. Siddharth Roy Kapur will accept this post effectively since 1st January 2014 post which Mr. Screwvala will assist in the transition until June 30, 2014.
"It's been a fantastic seven-year working relationship with Disney," said Mr. Screwvala, "First as a Co- Shareholder, then when Disney held a majority stake in UTV, and since February 2012 as Managing Director of Disney UTV India. It has been a great experience to be part of the world's No.1 entertainment company and to have worked with such a talented team to solidify our footprint in India as a diversified and successful business across Television, Broadcasting, Movies, Consumer Products, Games & Digital."
Andy Bird, Chairman of Walt Disney International added, "I've had the pleasure of working with Ronnie for the past seven years and appreciate his entrepreneurial drive and vision for Disney in India. I want to thank Ronnie for helping to shape Disney's journey in India and for his contribution to our success. We are delighted that he will continue to be associated with Disney in the future."
Mr. Bird also announced that Mr. Roy Kapur will become Managing Director of TWDC India effective 1st January 2014. "Sid has been an integral part of the Disney UTV family and brings to the role a diverse set of business and creative skills and a strong pulse on the Indian audience and consumers."
Appreciating the gesture, Mr. Roy Kapur said, "Disney is one of the most admired media brands in the world and I see this as a great opportunity to work together with the incredible team we have at Disney UTV in India, to take our content and our brands to the next level of growth in one of the most dynamic media markets in the world."
After June 2014, Mr. Screwvala will pursue his entrepreneurial goals in some of the impact sectors in India.