Madhav Sheth, Chief Executive Officer, Realme India, officially quit on Wednesday after five years in the company and building the brand from the scratch in the country.
Realme founder Sky Li will now oversee the Indian market. Sheth will only be a strategic advisor to the company and, according to sources, he plans to start his own export business.
“Realme will forever be part of who I am, and I will continue to cheer the brand from the sidelines. I am still a strong supporter and a strategic advisor to Realme for its development strategy, global product observations, market insights, and operating suggestions,” tweeted Sheth.
Sheth was also the Vice-President of Realme and President of Realme International Business Group. The brand was officially established on May 4, 2018, by its founder, Sky Li and Sheth in India, together with a strong team committed to creating a smart, connected and trendy brand for the youth
“Realme has been an integral part of my life, a brand that was so much more than just an organisation; it has been my home, my passion, and my purpose. I am proud of everything we accomplished together over the past five years, as we grew the brand and watched it proliferate…I am stepping down from my role at Realme, and am ready to embark on new adventures,” he said.
He said the government has taken many steps towards enhancing Indian exports for many years, and was happy to be part of the government’s export plans.
“After a long conversation with Sky Li and also with his support, it’s time for me to contribute my share to the country’s export business,” he mentioned.
Meanwhile, the company assured its customers, partners, and stakeholders that Realme’s operations will continue seamlessly.
“We extend our warmest wishes to Madhav for a successful future ahead. While we bid farewell to Madhav, we want to assure our customers, partners, and stakeholders that Realme’s operations will continue seamlessly…We will continue to drive the brand forward, delivering outstanding products and services to our customers worldwide,” said a spokesperson at Realme.
However, according to analysts tracking the sector, Realme me will take a few quarters now to regain its brand value after Sheth’s departure.
“Madhav steered a new entrant Realme at a time when it was believed there is no room for a new player. In that competitive environment his leadership made Realme among top three players and consumers also appreciated it’s quality. Though Realme says it will be business as usual, I feel it will take three-four quarters for the brand to regain it’s glory even with Shah Rukh Khan as the brand ambassador,” Faisal Kawoosa Chief Analyst and founder, Techarc, told businessline.
He said the toughest journey has already been tread for Realme, but it has current challenges like product realignment, offline strategy among others.
