Two top executives at Ola Electric resign amid company restructuring
What's the story
Leading Indian electric vehicle (EV) manufacturer Ola Electric has announced the resignations of its Chief Marketing Officer (CMO) Anshul Khandelwal, and Chief Technology Officer (CTO) Suvonil Chatterjee. The exits come just months after a major restructuring in the company. Both executives have cited personal reasons for their decision to step down, according to regulatory filings submitted to stock exchanges.
Executive roles
Resignations follow significant contributions to Ola Electric
Chatterjee, who joined Ola Electric six years ago as Head of Design, was instrumental in developing key products such as Ola Krutrim and Ola Maps. He was promoted to Chief Technology and Product Officer in 2021. Khandelwal joined the firm in 2019 after serving as Head of Marketing and Revenue at Foodpanda, which Ola acquired back in 2020. He then became Head of Marketing at Ola Foods before becoming CMO of Ola Electric.
Past exits
Company's history of executive departures
The latest resignations come on the heels of several high-profile exits from Ola Electric. The company's co-founder and former CTO Ankit Bhati had quit in 2019. Earlier this year, the firm's company secretary and compliance officer Pramendra Tomar had also resigned. In December, Ola Group's Chief People Officer N Balachandar had also left the firm.
Company changes
Restructuring and expansion efforts
Ola Electric had launched a major restructuring exercise in November 2024, affecting at least 500 employees. This was the third such exercise, after two similar initiatives in September 2022 ahead of its IPO. The resignations of Khandelwal and Chatterjee come just days after the firm announced a major expansion of its retail and service network from 800 to 4,000 stores across India.
Business outlook
Financial performance and market challenges
Despite the executive departures, Ola Electric has reported a narrowing of its net loss in Q2, aided by increased sales and reduced raw material costs. The company's consolidated loss decreased to ₹495 crore in the July-September quarter from ₹524 crore a year earlier. However, it has faced regulatory scrutiny with India's Heavy Industries ministry ordering an audit of the firm's servicing hubs, and the Central Consumer Protection Authority (CCPA) issuing a notice over alleged customer rights violations and misleading advertisements.