Yet another rejig at Flipkart: Krishnamurthy made CEO
10 January 2017
In yet another top-level reshuffle at Flipkart, former Tiger Global executive Kalyan Krishnamurthy has been elevated as the new chief executive officer. He will replace Binny Bansal, who will take up the newly created position of group chief executive officer. Sachin Bansal will continue to be the executive chairman.
As group CEO, Binny will oversee capital allocation across all the group companies and CEO selection and compensation.
Tiger Global is the largest investor in Flipkart and Krishnamurthy was brought in last year to head category management. He will report to Binny.
A statement from the country's largest ecommerce firm said the changes had been undertaken to drive Flipkart to the next level of growth. The new organisation structure will see the formation of "Group Org", which would focus on creating value through a portfolio of new and high growth businesses, managing capital allocation across group companies and ensuring each business had a strong CEO.
Almost a year ago, Sachin Bansal had stepped down as the CEO and was replaced by Binny. Sachin took up the role of executive chairman and provided strategic direction to the company, besides mentoring the senior leadership and looking for investment opportunities.
According to Binny, last year had been an extraordinary year for Flipkart. "We effected a complete turnaround of the business and consolidated our leadership position in ecommerce. Our execution engine is revved up. Our customer experience and product quality have shown tremendous improvement," he said.
"This was also the year when Flipkart evolved as a group. We acquired Jabong mid last year and the consolidation is going on well. Myntra became a $1-billion gross merchandise value (GMV) run rate company and achieved around 80 per cent year-on-year growth. PhonePe has been another runaway success with 40 per cent of all UPI transactions in India," he added.
Flipkart also announced that chief administrative officer Nitin Seth would be the chief operating officer.
Seth will be responsible for Ekart (the logistics and supply chain company) and customer experience.