Kalyan Krishnamurthy has promoted for the position of CEO in the Flipkart. Former CEO of Flipkart Binny Bansal has been promoted to a new position as Group CEO. Krishnamurthy was a former executive in the New-York based investment firm — will be responsible for Flipkart’s profit and losses, marking a first for the Indian startup sector where co-founders of the country’s most valued Internet Company have handed over the reins to a professional. Tiger Global owns about 35% stake in Flipkart, which was last valued at $15 billion. The investor could be preparing for a public listing for the Bengaluru-based e-commerce player in two to four years, according to senior company executives. Mr. Krishnamurthy joined Flipkart in June last year as head of ‘category design organization’. Mr. Krishnamurthy hired from Flipkart’s largest investor Tiger Global, a New York based investment firm. Sachin Bansal, who was named executive chairman for the group in January 2016, will retain his position and work closely with Binny Bansal to drive businesses in areas such as fintech, private brands, business-to-business services, and logistics, according to the email cited earlier.Sachin Bansal will provide strategic direction for existing businesses and mentoring senior leadership. Ananth Narayanan will continue as CEO of the company’s fashion unit Myntra-Jabong and Sameer Nigam will stay on as CEO of Phonepe, a Flipkart – owned payment app.
“We are a growth company and that is by far the single biggest agenda. Execution, growth and innovation are the buzzwords for 2017,” Krishnamurthy told ET.
Bansal, as the new group CEO, will have oversight of Flipkart, fashion portals Myntra-Jabong and the payments business PhonePe. Krishnamurthy and the two other chief executives — Ananth Narayanan of fashion unit Myntra-Jabong and PhonePe CEO Sameer Nigam — will report to Binny Bansal.
Reference – The Hindu, Economics Times