Nazara founder Nitish Mittersain exits managing director role as leadership reshuffle unfolds
After almost 27 years, Nazara founder Nitish Mittersain will leave the managing director post and become a non-executive director, while the board installs new CEO Raymond A. Stauffer and CFO Arun Agrawal and approves a ₹730.78 crore share issue.
Nazara’s founder Nitish Mittersain is stepping down from his managing director duties after nearly 27 years and will serve as a non-executive director, continuing to advise the board on strategy. The board’s recent meeting confirmed Bluetile Games founder Raymond A. Stauffer as chief executive, a role he assumed on 1 September 2026 following Mittersain’s earlier resignation as CEO. Arun Agrawal, a chartered accountant with prior CFO roles at Ness Digital Engineering and Mastek, will replace Rakesh Shah as chief financial officer on 16 October, after Shah’s resignation effective 15 October.
The reshuffle also promotes CaratLane founder Mithun Sacheti to a whole-time executive director for five years, while Rohit Sharma will depart on 11 January 2027. The board approved a share allotment of 2.39 crore shares at ₹306 each, generating ₹730.78 crore, with CEO Stauffer receiving the largest portion. Separately, Nazara plans to invest up to $77 million into its UK subsidiary to settle the second instalment owed to the sellers of Bluetile and BestPlay.
Why it matters
The changes signal a new strategic direction for Nazara, a major player in the gaming sector, and involve a substantial capital raise.
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