"AP Parigi, Group CEO, Network18, will move to a new role as Advisor to (company) Chairman (Adil Zainulbhai)," Network18 said in a statement.
No reasons were assigned for moving out Parigi, who was appointed Group CEO only in January this year. Prior to joining Network18, Parigi was managing director and CEO of Radio Mirchi/Entertainment Network India Ltd (ENIL), a subsidiary of Times Infotainment Media Ltd (TIML).
TIML is the holding company promoted by Bennett, Coleman & Company Limited (BCCL)- the flagship company of the Times of India Group.
Parigi was shifted days before Joshi takes over the new role on Monday. Joshi was editorial director of BCCL's The Economic Times newspaper.
In an email to Network18 employees, Zainulbhai said: "Parigi will transition into a new role as my Advisor." "Parigi has strengthened our management team and helped stabilize the operations. This has put out company on a sound footing for future growth," he wrote.
Network18 owns CNBC TV18 and Awaz channels. The company statement quoted Zainulbhai, Chairman Network18 and TV18, as saying that he looks forward to Parigi's continued support in his new role.
Parigi said: "I wish to thank the Chairman and the Board of Directors of NW 18 for the opportunity to be a part of the transition team at NW 18."