Ecommerce player Flipkart announced changes in its top management earlier today and named Binny Bansal as the new chief executive officer while Sachin Bansal will be the company’s new executive chairman.
“In his role as Executive Chairman of Flipkart, Sachin will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities. He will play an active role in championing the Indian e-commerce sector and building the internet ecosystem, and represent the company in external forums,” Flipkart said in a blog post.
Binny Bansal as CEO will now be responsible for operationally driving the company and will be accountable for Flipkart’s overall performance. “All the business areas – Commerce, Ekart and Myntra will now report to Binny (Bansal),” Flipkart added. All Corporate functions including human resources, finance, legal, corporate communications and corporate development will also report to Binny Bansal.
Mukesh Bansal will continue as chairman of Myntra and head of commerce platform, Flipkart’s core business. Mukesh Bansal will also have the added responsibility of the company’s ads business.
In September 2015, Flipkart confirmed that it raised $700 million in a fresh round of funding at a valuation of $15.2 billion. Tiger Global and existing investors including Steadview Capital participated in the fundraise. Sachin Bansal’s and Binny Bansal’s holdings of about 8.5% each in the company are now worth more than $1 billion.
The company had previously raised $700 million in December 2014 from a clutch of investors, and with the number of shareholders exceeding 50.
Other hires at Flipkart
– In November 2015, Flipkart hired Tarun Jain to head the products division of its online advertising business. Jain will be responsible for business strategy, product roadmap and execution, partnerships and customer adoption.
– Around the same time, Flipkart hired MakeMyTrip’s chief technology officer Sharat Singh as vice president of engineering for content. At the same time the company also hired Ravi Krishnaswamy as vice president of engineering for infrastructure.
– Late last month, Flipkart appointed Samardeep Subandh as its chief marketing officer where Subandh would be focusing on gaining customer insights, customer centricity and communications.
– In the same month, the company hired Sriram Venkataraman as the CFO for its commerce platform and Pramod Jain as VP and head of taxation. Venkataraman would head all aspects of the finance functions and drive its business and strategy.
– In April, the company also appointed Peeyush Ranjan as Head of Engineering, joining from Google.
– In March, Flipkart appointed Puneet Soni as its chief product officer, who joined from Motorola Mobility.
– In the same month, McKinsey’s Saikiran Krishnamurthy was appointed as COO of Commerce Division.
Recent departures and moves to advisory roles
– Ravi Vora, CEO of Strategic Brands at Flipkart quit in September, after a little over four years at the company.
– Flipkart’s CTO Amod Malviya moved to an advisory role earlier, while its Head of Engineering Sameer Nigam quit. More here.