Binny Bansal named new CEO of Flipkart
- Flipkart.com, India's largest e-commerce platform, named co-founder Binny Bansal as the new CEO and successor to former-CEO Sachin Bansal.
- Flipkart claimed that the move would expand its management bandwidth in its competition against arch rivals Amazon India.
- Sachin Bansal was to become Flipkart's Executive Chairman with immediate effect.
- Mukesh Bansal would continue as Myntra's CEO and as head of Flipkart's commerce platform.
Flipkart vs Amazon and Snapdeal
According to a report by Kotak Institutional Equities, Flipkart lost some of its market share to Amazon India and Snapdeal.com, and also grew its business slower than its two rivals in the fiscal year 2014-2015.
Flipkart plans major restructuring
- Within days of Binny Bansal's appointment as CEO, Flipkart announced major structural changes in several of its divisions including retail, commerce and marketing among others.
- According to thetechportal.in, the structural changes were intended to increase Flipkart's valuation to $100 billion in the next 2 years.
- According to Livemint.com, several of the company's senior executives would take up new roles in the organization.
Who is Mukesh Bansal?
Mukesh Bansal, a computer science graduate from IIT-Kanpur batch of 1997, founded fashion portal Myntra.com in 2007. In May 2014, Mukesh Bansal joined Flipkart.com when the company acquired Myntra.com for a massive $375 million.
What are Flipkart's structural changes?
- Flipkart's retail and marketplace business, headed by Myntra founder Mukesh Bansal, would be segmented into 3 large product-oriented groups and also have its own engineering division reportedly.
- Chief Business Officer Ankit Nagori would lead Flipkart's marketplace product group.
- Flipkart's consumer product group and improvements in customer service would be managed by Senior Vice President (Products) Surojit Chatterjee.
Two senior executives to quit Flipkart
- Two senior executives, Myntra founder Mukesh Bansal, and Flipkart's Chief Business Officer Ankit Nagori resigned from India's largest online retailer, Flipkart.
- "Mukesh will continue to be an adviser to Flipkart and Myntra, besides me and Sachin (Bansal)," said Flipkart CEO Binny Bansal.
- Bansal is to continue in his post till the end of March, while Nagori will continue for another 3 months.
Flipkart's Chief Product Officer Punit Soni quits
- Flipkart's Chief Product Officer Punit Soni has reportedly quit the company and is serving his last week at Flipkart.
- Soni, a former Motorola Vice President had also been associated with Google as a Product Management Executive.
- According to a report in YourStory, Soni is quitting the company as he found it difficult to align with the style of working at Flipkart.
Flipkart CFO Sanjay Baweja quits
- Flipkart has announced that Sanjay Baweja, the company's Chief Financial Officer will no longer be a part of Flipkart from 31 December.
- The announcement comes amid negotiations with Walmart to raise $1 billion for a minority stake in Flipkart.
- This is the latest in a string of high-profile exits from the company after Mukesh Bansal and Ankit Nagori quit earlier this year.
More high-profile exits at Flipkart
- Flipkart's vice-president Mausam Bhatt and senior vice-president of engineering Peeyush Ranjan have resigned, becoming the latest in a string of high-profile exits from the company.
- Peeyush Ranjan is known to be moving to the US to join Airbnb Inc; however, it is unclear what Mausam Bhatt's next move would be.
- Flipkart has found internal replacements for both the vacated posts.
Satyam Bansal quits to join Hotstar
- Satyam Bansal, Chief of Staff for Flipkart quit to join Hotstar as its new Senior Vice President - Partnerships & Distribution, in Mumbai.
- The move is indicative of investors seeking to bring in professional management to the company and replace Binny and Sachin Bansal early next year.
- Analysts say Satyam was sidelined at Flipkart and hence chose to exit the company.
Flipkart announces new CEO
- Kalyan Krishnamurthy, Flipkart's head of commerce, has now been appointed CEO in place of Binny Bansal.
- Binny Bansal will now move up to take charge of a newly-created designation of 'Group CEO' : Krishnamurthy will report to him.
- The former Tiger Global executive, Kalyan Krishnamurthy, had joined Flipkart in June 2016.
- Under the new role, Flipkart's P&L will be Krishnamurthy's responsibility.
3 Flipkart executives quit after CEO change
- A day after Flipkart made an announcement that Kalyan Krishnamurthy will be the CEO of the main horizontal commerce unit, 3 executives quit.
- These include supply chain unit Ekart's head Saikiran Krishnamurthy, senior vice-president (product) Surojit Chatterjee and Chief Marketing Officer Samardeep Subandh.
- All 3 joined Flipkart in 2015 when it was hiring top talent from abroad aggressively.