Flipkart might replace Binny Bansal as group CEO
What's the story
Walmart-owned Flipkart is contemplating separating the responsibilities of chairman and group CEO, and is likely to replace Flipkart co-founder Binny Bansal as the group CEO. In May, Binny Bansal was named the CEO of the entire Flipkart group which, apart from the eponymous e-commerce platform, owns Myntra, Jabong, and PhonePe. Reportedly, incumbent Flipkart CEO Kalyan Krishnamurthy is the frontrunner for the position. Here's more.
Details
What we know about the planned reshuffle
As reported by the Mint, two people familiar with the matter said that Walmart is considering both internal and external candidates for the role of group CEO, and currently Kalyan Krishnamurthy is the favourite. While the reshuffle hasn't been finalized, it's understood that Walmart might be contemplating the change as Binny Bansal isn't actively involved in day-to-day operations of the group.
Quote
Flipkart has not responded to queries about the reshuffle
When the Mint reached out to Flipkart for comment on the issue, a company spokeswoman told the publication that Flipkart doesn't comment on "speculation and rumours".
Imminent?
Considering recent developments, a new group CEO could be appointed
However, a reshuffle is probably imminent, considering that Walmart promoted several of its leaders to senior positions in the Flipkart group. Last week, the US retail giant appointed a new chief financial officer, general counsel, chief ethics and compliance officer, and group controller for the Flipkart group. If a new group CEO is named, it would mark the fourth major leadership reshuffle at Flipkart.
Reshuffles
Flipkart's earlier reshuffles
Flipkart had undergone a massive reshuffle in 2015 which saw the company being split into three parts, which were run by Flipkart co-founders Sachin Bansal, Binny Bansal, and Myntra co-founder Mukesh Bansal. In 2016, Binny Bansal was named Flipkart CEO instead of Sachin, after Flipkart conceded market share to Amazon. In 2017, Krishnamurthy took over from Binny Bansal, who was then named group CEO.