B Sai Kumar, Group CEO of Network18 decided to move on from the Group. Sai has spent over 14 years with the Group, since its formative days.

He was also on the board of the Group's various joint ventures and will be stepping down from all the boards too. In his role as Group CEO, Sai charted out the company's business turnaround and return to profitability. 

Commenting on the development Raghav Bahl, founder & editor of Network18 said, ''It's not easy to describe Sai's role and contribution to the Group. He has been one of the key pillars of the Network18 story. I am truly privileged to have been able to work with someone like Sai who has, I daresay, given the prime of his life to the growth & development of our baby called Network18, right from the days when it was a fledgling single channel operation to its evolution as one of India's largest and most diversified & respected media companies. Needless to say, the Network18 family and I shall miss him dearly. But there comes a time in life when one takes a heed to one's calling and I wish Sai all the best for that.''

Sai said, ''Network18 has been an extension of my family. I take with me very good memories and I will always cherish the time spent here. It has been a tremendous learning ground and I thank all my colleagues for the support, passion and hard work they brought to work every day. While all good things come to an end, I see it as a new beginning and I am positive and hopeful that Network18 scales new heights from here on.'' 

Shares of the company gained Rs 2.65, or 6.71%, to settle at Rs 42.15. The total volume of shares traded was 498,483 at the BSE (Wednesday).