MUMBAI: Network18 Group CEO AP Parigi will be stepping down from his post and move into an advisory role in the group with effect from 1 October, 2015.

In his new role, he will be adviser to Network18 chairman Adil Zainulbhai.

It may be recalled that Parigi was appointed as group CEO of the company only in January this year. Parigi was brought on board Network18 after B Sai Kumar quit as the company’s group CEO in May last year. Post that, the company witnessed a major manpower drain when Mukesh Ambani helmed Reliance Industries picked up a majority stake in it.

While the company did not cite any reason for moving Parigi from his current role after a stint of less than eight months, the development does comes in the wake of Network18 appointing former Economic Times editorial director Rahul Joshi as CEO of news and group editor-in-chief. Incidentally, Joshi is slated to take over his new position in just a few days on 28 September, 2015.

Thanking Parigi for his contribution, Zainulbhai said, “Parigi has strengthened the management team and helped stabilise the operations of the company. This has put Network18 on a sound footing for future growth. I look forward to his continued support in the new role.”

Parigi added, “I wish to thank Adil and the Board of Directors of Network18 for the opportunity to be a part of the transition team at Network18.”

In his professional stint spanning almost four decades, Parigi was ENIL (Radio Mirchi) managing director and CEO. He also had a brief stint with Eros International Media as MD and CEO.