A.P. Parigi, managing director of Entertainment Network Of India Ltd (ENIL), the company that runs the Radio Mirchi-branded network of radio stations, has decided to retire from active corporate life, his associates said Saturday evening. Parigi, among the seniormost executives at Bennett, Coleman & Co. Ltd, will step down from all active roles he plays in group companies, but will continue as non-executive director at ENIL, one company official, who has been briefed on the development, said. This means Parigi will also likely step down from the board of BCCL, where he is executive director. Parigi could not be reached for comment.
ENIL informed the Bombay Stock Exchange that Parigi would step down as managing director w.e.f 30 September, but would continue to serve the company as non-executive director.
“I turned 60 years earlier this month and I thought I should devote more time and energy to pursue my long cherished personal interests and passions,” Parigi told Radioandmusic.com.
Parigi spearheaded BCCL’s acquisition of London’s Virgin Radio–a property that is grappling with declining listenership since the change of ownership. The economic downturn had also severely hit another business headed by Parigi–Times Out Of Home.
Parigi is going into a well deserved retirement after some 35 years in the media and entertainment business. He was CEO of BPL Mobile Mumbai before joining BCCL.
His decision to retire still comes as a surprise, however. Parigi was an energetic executive who could be seen working tirelessly through industry forums to advance the cause of FM Radio in India. He was very optimistic about the future of FM Radio and was a successful salesman for the radio story.