Ronnie Screwvala to step down as MD of Disney UTV, Sidharth Roy Kapoor elevated

In a surprising development, Ronnie Screwvala, the Managing Director of Disney UTV has quit the company that he founded. With this move, Siddharth Roy Kapur, currently the MD of Disney Studios (Movies) in India, will be taking over from Screwvala as the Disney India MD. This was announced by Andy Bird, the Chairman of Walt Disney International, who is in India to make the announcement. It may be noted that Screwvala was made the MD of the Disney-UTV after Disney had acquired UTV. Following the acquisition, Screwvala had a five year lock-in period. It is also interesting to note that other UTV executives who had joined Disney following the acquisition such as Vishal Gondal, Sameer Bangara and Sameer Pitalwalla have also left the firm. According to reports, Screvwala had made Rs 2,000 crore from the Disney deal of which he has used around Rs 800 crore to invest in startups via his venture fund Unilazer Ventures. Among other set ups are internet businesses like Valyoo (which runs the e-commerce business Lenskart), employee marketplace OnContract, online career counseling firmMeraCareerGuide.com, automobile analytics firm Himex. Siddharth will take over the company’s India operations effective 1 January. Screwvala will assist in the transition until 30th June 2014.