In a shocking development, Flipkart has gotten a new CEO within 12 months of appointing a new CEO. Binny Bansal, founder of Flipkart, who was appointed CEO just last year, has now been elevated as the Group CEO and will be replaced y Kalyan Krishnamurthy as the CEO of Flipkart. Sachin Bansal, who was made the Group Executive Chairman, when Binny Bansal was made the CEO, continues to be the Group Executive Chairman. There is no change in his duties and responsibilities.
Kalyan Krishnamurthy has earlier worked with Flipkart and is now joining from Flipkart’s biggest investor, Tiger Global. He was working as the head of Category Design Operations, but he was long ago tipped to be the CEO. His elevation completes the end of the influence of the founders, who will now mostly be relegated to board meetings as investors.
The CEOs of Flipkart, Myntra-Jabongg and PhonePe will remain unchanged and shall report to Binny Bansal, but Tiger Global is now firmly in control of the compnay and is now calling the shots.
The decision has been taken keeping in mind the profitability of Flipkart, which was no where in the horizon with the Bansals in charge. A lot of investors were concerned about the manner in which the company was being run as it was guzzing a lot of cash and was moving further away from profitability.
Nitin Seth, who was the Chief Administrative Officer, will be the COO of Flipkart and will be involved in the day to day running of the company.