Mumbai, Oct 24 (IANS) The Walt Disney Company (TWDC) Thursday announced that Ronnie Screwvala will step down from the post of TWDC managing director June 30 next year and he will be succeeded by Siddharth Roy Kapur.
Kapur, who is the managing director of Disney UTV's Studio's business, will take charge as the new managing director of TWDC India from Jan 1, 2014 and Screwvala will assist him in the transition till June 30.
"It's been a fantastic seven-year working relationship with Disney. 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," Screwvala said in a statement.
He further added: "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 and digital."
Andy Bird, chairman of Walt Disney International, appreciated the hard work put in by Screwvala.
"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. He has successfully managed integration efforts and set the foundations of long term growth for our business," Bird said.
Bird also added that Screwvala has done a remarkable job in merging the two companies - Walt Disney International and UTV Motion Pictures.
"Ronnie had a clear mandate to merge two organisations, build a single team and lay the strategic direction for a diversified media and entertainment company that would be part of the growing India growth story. When he passes on the baton in June 2014, almost two-and-half years since the acquisition, he will leave the company in a great place strategically and with a strong leadership team," he added.
Kapur started his career in brand management with Procter & Gamble and then worked with Star TV in Hong Kong, Dubai and Mumbai in various leadership roles.
His tenure at UTV and later at Disney UTV spans more than eight years. Bird looks forward to working with Kapur in the future.
"Sid's innate understanding of the Indian viewer, his ability to leverage those insights in business, coupled with his experience and expertise in fast-moving consumer goods businesses, television and in building India's leading movie studio, made him the natural choice for the role," he said.