MUMBAI: Saregama India Ltd has announced the appointment of Suryanarayana Mantha as managing director of the company. He will replace GB Aayeer who will resign from his position with effect from 1 January 2013.

Aayeer still remains part of the senior management team as executive director and chief financial officer. He will now report to Mantha.

Confirming the news with Radioandmusic.com, Aayeer said, “Yes I have resigned from my position, but I am still a part of the senior management and will retain my position as chief financial officer. When the last MD resigned, I was asked to take over. Now that the company is appointing a director, I willingly resigned.”

Aayeer held the position of the manager of the company since 6 April 2012, and as per the company's act, they can either have an MD or a manager and since the company was already in search of an MD, Aayeer held the same portfolio but as a manager.

Saregama India business head-music Adarsh Gupta said, “Suryanarayana Mantha will be joining our company from 2 January 2013 and GB Aayer will remain with us as a key member in the senior management team.”