Want to share with your friends too?

Business
14 Jan 2019

Myntra and Jabong CEO Ananth Narayanan resigns; may join Hotstar

Myntra, Jabong CEO Ananth Narayanan quits Flipkart Group

After some rounds of speculation, it has been confirmed that Ananth Narayanan, CEO of Flipkart-owned Myntra and Jabong, has left his post in pursuit of other opportunities.

Meanwhile, Flipkart's Amar Nagaram has been named to replace Narayanan.

Notably, Narayanan's exit is the latest reshuffle to have taken place within the Flipkart Group since Walmart purchased a majority stake in the company.

Here's more.

In context

Myntra, Jabong CEO Ananth Narayanan quits Flipkart Group
In December, Narayanan's resignation had been reported, but wasn't confirmed

Earlier

In December, Narayanan's resignation had been reported, but wasn't confirmed

In December last year, it was reported that Narayanan had put in his papers. However, despite the reports, his departure had not been officially confirmed.

It had then been reported that Narayanan's exit had been precipitated by Binny Bansal's exit from the Flipkart Group in November, as the former was not on good terms with newly-appointed Flipkart Group CEO Kalyan Krishnamurthy.

Why?

It's unclear why exactly Narayanan left his job

While the exact reason for Narayanan's departure is not known, ET has now reported that the merging of Myntra and Jabong contributed to his exit.

Sources close to the development told the publication that following the merger of Myntra and Jabong, Walmart did not see a role for Narayanan.

Narayanan, too, was reportedly unsure about how to move forward with the merged entity.

Love Business news?

Stay updated with the latest happenings.

Notify Me

Narayanan could become Hotstar CEO, or move back to McKinsey

Destination?

Narayanan could become Hotstar CEO, or move back to McKinsey

As of now, it is unclear where Narayanan is headed.

Some reports suggest that Narayanan could take over as the new CEO of Hotstar, while other reports suggest that he could move back into consultancy with giants McKinsey, with whom he had spent over 15 years in different geographies.

If he moves back to McKinsey, Narayanan is expected to join its US practice.

High-profile reshuffles

Backstory: Flipkart co-founders had resigned soon after the deal

Following Walmart's multi-billion acquisition of Flipkart in May last year, many leadership changes have taken place.

While the deal saw Flipkart co-founder Sachin Bansal sell his shares and exit then and there itself, in November last year, Flipkart co-founder and CEO Binny Bansal resigned due to misconduct allegations.

In his stead, Kalyan Krishnamurthy was named the CEO of the Flipkart Group.

Other major appointments made by Walmart

The aforementioned high-profile reshuffles apart, Walmart also appointed a new chief financial officer, general counsel, chief ethics and compliance officer, and group controller for the Flipkart Group, after it bought a majority stake in the company.

Ask NewsBytes
User Image

Most asked questions

When did Narayanan join Myntra?

What are Narayanan's qualifications?

When, and for how much, did Walmart acquire Flipkart?

What are Sachin Bansal and Binny Bansal doing now?

More questions

When did Narayanan join Myntra?

Asked 5 minutes ago by Aditya Mehta

Answered by NewsBytes

Narayanan took over as Myntra CEO in 2015. After Myntra acquired Jabong in November 2018, Narayanan had been heading the merged entity.

What are Narayanan's qualifications?

Asked 5 minutes ago by Ayaan Mukopadhyay

Answered by NewsBytes

Narayanan has a bachelor's degree in Mechanical Engineering from the University of Madras, and a Master of Engineering degree from the University of Michigan.

When, and for how much, did Walmart acquire Flipkart?

Asked 5 minutes ago by Devansh Banerjee

Answered by NewsBytes

On May 9, 2018, Walmart bought a 77% stake in Flipkart for $16bn.

What are Sachin Bansal and Binny Bansal doing now?

Asked 5 minutes ago by Shreya Yadav

Answered by NewsBytes

Binny Bansal has started a startup consultancy company - xto10x Technologies - aimed at helping growth-stage startups scale up. Meanwhile, Sachin Bansal has registered a new company, BAC Acquisitions Private Limited, and it has been reported that the company will focus on agri-tech and fintech.

Next Timeline