India’s one of the largest e-commerce company makes changes in it’s top positions, following the biggest crisis it has faced in the 10 years. The move comes after Flipkart ran into loss, as it’s able competitor Amazon took the stage and topped the sales.
The top positions have been under a constant change since the quitting of several top executives in the past years. The board has now appointed Kalyan Krishnamurthy as its new Chief Executive Officer. Along with this, Binny Bansal moves to a newly created position as a group CEO. Sachin, the co-founder, will continue to hold the position of Executive Chairman. This move by the board clearly implies that the founders of the company will no longer have operational control over Flipkart.
Credits: Twitter
This move to rope in Krishnamurthy came in June 2016, after the company saw a revival since his return. Especially, he was in-charge of the Flipkart’s Big Billion Day Sale, which profited a lot under his leadership. The company which ran into a huge loss last year, saw a profit after the crisis under Krishnamurthy’s leadership. As his presence gave a boost in the company’s P&L, the board decided his elevation and declared it on January 9, 2017 in a formal statement.
Kalyan Krishnamurthy has been appointed from the Tiger Global, Flipkarts’s biggest investors. Krishnamurthy, who is currently handling the Category Design Organisation, will now take complete control over the company’s P&L.
Flipkart, in an official statement said, “This newly formed group organisation will focus on creating future value through a portfolio of new, high growth businesses, manage capital allocation across group companies, and ensure each business has a strong CEO in place”.
Along with this major move, Nitin Seth, current chief administrative officer at Flipkart will serve as the COO. And also, he will be responsible for Ekart and customer experience. He will also continue to be responsible for HR, strategy and corporate functions for the company. Ekart CEO, Saikiran Krishnamurthy will work with Binny.
