ITV

Tag: Ramakrishnan N

  • Not sacked, going back to handle different responsibilities: Kenny Shin

    Not sacked, going back to handle different responsibilities: Kenny Shin

    MUMBAI: The Home shopping business in India which has major players Home Shop 18, Shop CJ, Den – Snapdeal, Naptol and the latest entry Best Deal TV, was rattled by reports of two senior officials of Shop CJ Network moving. There were rumours of CEO Kenny Shin and CFO Ramakrishnan N being sacked by the top management. 

    “Not sacked, just going back to handle different responsibilities” says Shin in an exclusive interaction with Indiantelevision.com. “We have performed better than we expected and hence sacking for underperformance is beyond question,” he adds.

    “Rs 850 crore was our estimate and we have had sales of Rs 900 crore which shows we over performed. We re-branded ourselves, we transformed from Star CJ to Shop CJ, launched two regional channels. So it has been an action packed year for us,” explains Shin.

    A few months ago, in an interview with Indiantelevision.com, Shin had shared a different number for sales estimates. He had said, “We are poised to cross Rs 1,200 crore turnover this year, recording a 40 per cent growth over sales of Rs 850 crore achieved in the last calendar year. Our channel reaches to more than 6.5 crore households in India and currently caters to about 40 per cent of the market.”

    Costs incurred by the company have also gone up significantly this year. As per information from a source close to the development, Shop CJ spent around Rs 70 crore last year (2014 – 15) which skyrocketed this year. “We were looking at spends of Rs 200 crore from the very beginning, as I told you earlier, we were looking ahead at this year to garner maximum reach and sales and hence higher spends were done to have better marketing and distribution,” asserts Shin.

    What about the CFO Ramakrishnan N? Has he also been moved to take on other responsibilities? “No!” exclaims Shin. “He has two daughters and a family in Bengaluru, and since the past one year he has been traveling a lot to and fro, which was getting difficult for him. So he decided to step down as the CFO and will now move back in with his family. He has done a wonderful job as the CFO and we wish him best of luck,” Shin adds.

    “I am headed back to Korea by this month end and it was a great four year journey in India” Shin concludes.

    Meanwhile the network has announced SR Yoon as the new CEO of Shop CJ India to replace Kenny Shin, and in an official letter to its employees mentioned it is looking for a new CFO.

  • Not sacked, going back to handle different responsibilities: Kenny Shin

    Not sacked, going back to handle different responsibilities: Kenny Shin

    MUMBAI: The Home shopping business in India which has major players Home Shop 18, Shop CJ, Den – Snapdeal, Naptol and the latest entry Best Deal TV, was rattled by reports of two senior officials of Shop CJ Network moving. There were rumours of CEO Kenny Shin and CFO Ramakrishnan N being sacked by the top management. 

    “Not sacked, just going back to handle different responsibilities” says Shin in an exclusive interaction with Indiantelevision.com. “We have performed better than we expected and hence sacking for underperformance is beyond question,” he adds.

    “Rs 850 crore was our estimate and we have had sales of Rs 900 crore which shows we over performed. We re-branded ourselves, we transformed from Star CJ to Shop CJ, launched two regional channels. So it has been an action packed year for us,” explains Shin.

    A few months ago, in an interview with Indiantelevision.com, Shin had shared a different number for sales estimates. He had said, “We are poised to cross Rs 1,200 crore turnover this year, recording a 40 per cent growth over sales of Rs 850 crore achieved in the last calendar year. Our channel reaches to more than 6.5 crore households in India and currently caters to about 40 per cent of the market.”

    Costs incurred by the company have also gone up significantly this year. As per information from a source close to the development, Shop CJ spent around Rs 70 crore last year (2014 – 15) which skyrocketed this year. “We were looking at spends of Rs 200 crore from the very beginning, as I told you earlier, we were looking ahead at this year to garner maximum reach and sales and hence higher spends were done to have better marketing and distribution,” asserts Shin.

    What about the CFO Ramakrishnan N? Has he also been moved to take on other responsibilities? “No!” exclaims Shin. “He has two daughters and a family in Bengaluru, and since the past one year he has been traveling a lot to and fro, which was getting difficult for him. So he decided to step down as the CFO and will now move back in with his family. He has done a wonderful job as the CFO and we wish him best of luck,” Shin adds.

    “I am headed back to Korea by this month end and it was a great four year journey in India” Shin concludes.

    Meanwhile the network has announced SR Yoon as the new CEO of Shop CJ India to replace Kenny Shin, and in an official letter to its employees mentioned it is looking for a new CFO.

  • Top-level changes at Shop CJ; CEO Kenny Shin to head back to Korea

    Top-level changes at Shop CJ; CEO Kenny Shin to head back to Korea

    MUMBAI: Home shopping ain’t an easy business. Definitely not in India. Ask Shop CJ CEO Kenny Shin. The South Korean is slated to catch a flight back to his home country very soon after serving four years and one month at the joint venture between the South Korean home shopping major CJ O Shopping and P5 Asia Holding Investments (Mauritius) Ltd (which belongs to the Providence Equity Partners group). 

    Shin calls his movement back to South Korea a routine transfer. “This is something which happens  with our South Korean parent,” he told indiantelevision.com late on the night of 11 March. “We are rotated around in our various operations world wide.”

    A source, however, had informed indiantelevision.com earlier in the day that Shin was actually shown the door by the company’s board. Along with him, the company CFO Ramakrishnan N was also asked to quit.

    “After reviewing last year’s performance during its board meeting today, the company has decided to sack two senior officials for having a non-performing year,” the source told us. “Its performance has fallen 32 per cent compared to last year.”

    However, Shin repeatedly denied that anyone was being booted out. “It is a routine transfer, that is all it is. No decision has been taken about our CFO as yet,” he stated. “We will be issuing an official statement tomorrow.”

    Indiantelevision.com, however,  managed to get hold of the official communication circulated to Shop CJ employees which has something else to say:  “Mr. N. Ramakrishnan (Ram) has decided to step down as CFO of the Company to pursue other interests. While as CFO, Ram helped the Company establish effective financial systems and controls, and we thank him for his leadership and contribution to the Company, and wish him the best in his future endeavors. The Board has initiated a search to fill the role of CFO for ShopCJ. The changes above are effective immediately.”

    Shin joined the company in February 2012, from CJ O Shopping, the Korean conglomerate, where he was in a key leadership role, having been with the company since 2002.

    Company officials, however, reached out to indiantelevision.com once again in late May 2016 insisting that there was no sacking at all in March. A senior official stated that Ramakrishnan’s departure was entirely his decision and Shin’s return to South Korea was simply routine in the larger scheme of CJ O Shopping’s management initiatives.

    Shop CJ was earlier a joint venture between CJ and broadcast giant Star India. The latter moved out of the partnership and from the home shopping business and in 2015 the channel was re-branded as Shop CJ.

    (Earlier posted on 11 March 2016 at 7:43; updated at 11:50 pm; updated on 31 May 2016 at 12:43 am)

  • Top-level changes at Shop CJ; CEO Kenny Shin to head back to Korea

    Top-level changes at Shop CJ; CEO Kenny Shin to head back to Korea

    MUMBAI: Home shopping ain’t an easy business. Definitely not in India. Ask Shop CJ CEO Kenny Shin. The South Korean is slated to catch a flight back to his home country very soon after serving four years and one month at the joint venture between the South Korean home shopping major CJ O Shopping and P5 Asia Holding Investments (Mauritius) Ltd (which belongs to the Providence Equity Partners group). 

    Shin calls his movement back to South Korea a routine transfer. “This is something which happens  with our South Korean parent,” he told indiantelevision.com late on the night of 11 March. “We are rotated around in our various operations world wide.”

    A source, however, had informed indiantelevision.com earlier in the day that Shin was actually shown the door by the company’s board. Along with him, the company CFO Ramakrishnan N was also asked to quit.

    “After reviewing last year’s performance during its board meeting today, the company has decided to sack two senior officials for having a non-performing year,” the source told us. “Its performance has fallen 32 per cent compared to last year.”

    However, Shin repeatedly denied that anyone was being booted out. “It is a routine transfer, that is all it is. No decision has been taken about our CFO as yet,” he stated. “We will be issuing an official statement tomorrow.”

    Indiantelevision.com, however,  managed to get hold of the official communication circulated to Shop CJ employees which has something else to say:  “Mr. N. Ramakrishnan (Ram) has decided to step down as CFO of the Company to pursue other interests. While as CFO, Ram helped the Company establish effective financial systems and controls, and we thank him for his leadership and contribution to the Company, and wish him the best in his future endeavors. The Board has initiated a search to fill the role of CFO for ShopCJ. The changes above are effective immediately.”

    Shin joined the company in February 2012, from CJ O Shopping, the Korean conglomerate, where he was in a key leadership role, having been with the company since 2002.

    Company officials, however, reached out to indiantelevision.com once again in late May 2016 insisting that there was no sacking at all in March. A senior official stated that Ramakrishnan’s departure was entirely his decision and Shin’s return to South Korea was simply routine in the larger scheme of CJ O Shopping’s management initiatives.

    Shop CJ was earlier a joint venture between CJ and broadcast giant Star India. The latter moved out of the partnership and from the home shopping business and in 2015 the channel was re-branded as Shop CJ.

    (Earlier posted on 11 March 2016 at 7:43; updated at 11:50 pm; updated on 31 May 2016 at 12:43 am)

  • Star CJ appoints Ramakrishnan as the new CFO

    Star CJ appoints Ramakrishnan as the new CFO

    MUMBAI: Star CJ Network, a home shopping network, has announced the appointment of Ramakrishnan. N as its new chief financial officer. Taking charge of his role at Star CJ, Ramakrishnan will play an important part in strengthening the organisation and being part of the team to grow the business.

     

    A qualified Chartered Accountant and Company Secretary, Ramakrishnan was the CFO of Foodworld Supermarkets & Health and Glow Retailing based out of Bangalore, immediately before taking up the current assignment. He has over 25 years of work experience in companies of repute including Bunge India and Tata BP Lubricants.

     

    Ramakrishnan said, “I am delighted to be a part of Star CJ. It is a pan India player and is positioned well to capture a larger market share. I look forward to significant growth in business which will further strengthen our position.”

     

    Added Star CJ Network CEO Kenny Shin, “Ramakrishnan’s appointment as the chief financial officer marks the beginning of new and exciting developments in Star CJ. With his knowledge of finance and strategic planning, he is confident of implementing a roadmap to achieve the next level of growth for this company.”