E-commerce giant Flipkart has once again undergone a restructuring with Binny Bansal being elevated as group CEO, while Former Tiger Global executive Kalyan Krishnamurthy has been named as the new CEO of the company.
A statement from the company 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,” said Flipkart in a statement.
The new restructuring comes just one year after Flipkart had seen a significant restructuring.
On 11 January last year, Binny Bansal was appointed as the chief executive officer of India’s largest e-commerce company.
He had replaced Sachin Bansal, other co-founder, whose role was elevated to that of the Executive Chairman.
“Kalyan Krishnamurthy, currently heading the Category Design Organisation will become the CEO of Flipkart. Kalyan will be responsible for operationally driving Flipkart and will be responsible for Flipkart P&L,” the statement said.
Krishnamurthy joined Flipkart in June from Tiger Global which is one of the largest investors in the e-commerce firm.
Ananth Narayanan will continue as CEO of Myntra-Jabong and Sameer Nigam as CEO of PhonePe.
Flipkart, Jabong-Myntra and PhonePe will operate under this group structure and their CEOs will report to Binny.
Flipkart Group Organisation will focus on building a portfolio of new, high value-creating businesses that are disruptive and will transform commerce in India, it said.
“To evaluate these opportunities and construct this portfolio of new businesses, Flipkart Group Organisation will have a Group Strategy function as well as mergers and acquisition,” it said.
The other key responsibility of Binny as Group CEO will be to oversee capital allocation across all the group companies, CEO selection and CEO compensation.
“Nitin Seth, presently the Chief Administrative officer, will be the COO for Flipkart. In his new role, Nitin will be responsible for Ekart and customer experience in addition to his existing role leading HR, strategy to execution capabilities and corporate functions for Flipkart,” the statement said.
Nitin will report to Krishnamurthy. Categories, marketplace, customer shopping experience, private label and marketing will continue to report to Krishnamurthy.
In addition, the engineering division led by Ravi Garikapati will now report to Krishnamurthy. Flipkart Group is in the process of hiring a Group CFO and General Counsel and both of them will also report to Binny. Saikiran will transition from his role as Head of Supply Chain to lead the efforts to set up the Group CEO’s office and assist Binny. Sachin will continue to be the Executive Chairman and will work closely with Binny on the new business portfolio.
(With inputs from PTI)