Uday Shankar will step down as president of The Walt Disney Company Asia Pacific and chairman, Star and Disney India, to pursue an entrepreneurial career. He will step down from his positions effective December 31 this year.

The news was announced by Rebecca Campbell, chairman of the brand's Direct-to-Consumer and International segment. Over the next three months, Shankar will work closely with Campbell to identify his successor to ensure a smooth transition.

A former president of Indian Broadcasting Federation (IBF), Shankar is currently senior vice president of FICCI (Federation of Indian Chambers of Commerce and Industry) and in line to take over as its next president.

On his decision to step down from his current positions at Star and Disney, Shankar said: "I have always believed in the power of creativity and cutting-edge technology to create a better world, and consider myself incredibly fortunate to have had the opportunity to do so.

"For some time now, I have been contemplating the question of how I give back to the country, community and the industry that have given me so much. I think the best way to express my gratitude to all of them will be to support and mentor a new generation of entrepreneurs as they set out to create transformational solutions that will have a positive impact on countless lives. I intend to partner with global investors and pioneers to achieve this," he added.

Since February 2019, Shankar has served as president, The Walt Disney Company APAC and chairman, Star and Disney India. Previously, he was president of 21st Century Fox for Asia and the chairman and CEO of Star India.

He had taken over the leadership of Star India in 2007. Under his leadership, Hotstar, which has now been rebranded as Disney+ Hotstar, became one of the leading streaming platformS in the region.