MUMBAI: In a major restructuring exercise taking place at Balaji Motion Pictures, film industry veteran Ramesh Sippy has stepped down as Balaji Motion Pictures CEO.

Sources inform that UTV Television COO Ajit Thakur will replace Sippy as CEO and will join office on 1 January, 2009. When contacted by Businessofcinema.com Thakur refused to comment on the development.

On the other hand, Sippy will continue to serve at Balaji in the capacity of a consultant. Sippy confirms the development and says, "Yes I have stepped down as the CEO and will continue in the capacity of a consultant at Balaji."

However, he declined to comment on Thakur replacing him.

Citing the reason for him stepping down, Sippy says, "Balaji needed a full time CEO and I was unable to commit more than three days of work in a week, due to my film distribution business under Raksha Enterprise."

If sources are to be believed the new CEO of Balaji Telefilms Punnet Kinra who joined from Pricewaterhousecoopers in mid-October is streamlining portfolios of people at the company. Kinra oversees the television and motion pictures business of Balaji. Thakur will report to Kinra.