TIL is in talks with potential CEO candidates, including Rishi Khiani, who recently left Web18 as COO, according to a company official.

Rajshekhar, a Times Group veteran who has spent some 25 years at the group in various stints, was seen to be driving efficiencies at TIL. His departure will likely precipitate a leadership crisis at TIL, which might be plugged to an extent if a strong CEO is brought in. The BCCL management finds itself in the unenviable position of finding two C-level replacements at a time when digital media executives with experience in helming a large operation such as Indiatimes are hard to come by. Indiatimes has some 600 employees. Rajshekhar joined TIL in July 2008, prior to which he was heading the Private Treaties business of the group.

CFO Sogani was replaced by Rajesh Kunnath, the CFO at group company Times Business Solutions Ltd, who was given additional charge of TIL.