Lava International is reportedly facing a fresh leadership shake-up, with managing director Sunil Raina and chief financial officer Rajesh Sethi set to leave the company by December. According to reports, both executives are serving their notice periods. Raina joined Lava back in 2010 and became managing director in 2023 following the exit of the co-founder Hari Om Rai. However, the recent report points out that Rai has reportedly returned to the leadership role. Amid the leadership shakeup, the smartphone manufacturer is looking to strengthen its presence in the sub-Rs 20,000 smartphone segment.
According to a report by MoneyControl, Raina and Sethi are currently serving their notice periods in the company and will remain with the company until December. The report further points out that Raina is leaving Lava to explore business opportunities outside the company.
Sunil Raina joined Lava International back in 2010 as vice-president and chief marketing officer before taking on several key leadership responsibilities. Later, in 2023, he became managing director after Hari Om Rai was arrested by the Enforcement Directorate in a money-laundering case.
The timing of the exit is significant, as it follows the departure of Sanjeev Agarwal, who joined the company as Chief Manufacturing Officer and later served as Executive Director and Chief Manufacturing Officer.
As of the time of writing, Lava International has not made any official announcement regarding the matter. However, Digit has reached out to the company for further clarification and additional details. We will update this article as soon as we receive an official response from Lava International, so stay tuned for the latest developments.
Lava has previously reported that the company recorded 60-70 per cent growth in its smartphone business this year even as the overall market contracted. Not only that, but the smartphone manufacturer is also exploring ways to raise around Rs 500-600 crore to support expansion and potentially restructure part of its debt. Earlier reports suggest that promoters of electronics manufacturers Dixon Technologies and Amber Enterprises are in discussions to acquire stakes in Lava in their personal capacities.