Snapdeal CFO Anup Vikal tenders his resignation
In the latest high profile exit from Snapdeal, Anup Vikal, the Chief Financial Officer (CFO) and general counsel of Jasper Infotech, has submitted his resignation from the organization, says a news report. Vikal’s exit is the latest in a series of senior executives’ departure, all of whom have already resigned or are currently in the exit mode, the report adds.
Anup has been with Snapdeal since October 2015 and was previously working with Aircel. Before Aircel, he was the group CFO and head of IT and strategy at InterGlobe Enterprises (of IndiGo). He is expected to join Essar Oil as its new CFO, according to sources quoted in the report. Snapdeal confirmed the development, and Kunal Bahl, chief executive, issued a statement saying, “Anup has done sterling work at Snapdeal, building high levels of governance and helping structure various transactions of importance for the company. He has led the finance function with distinction, contributing immensely in furthering the profitability initiatives of Snapdeal, which the deep bench of Snapdeal' finance team will continue. I wish him the very best for his professional pursuits.” As of yet, it is unclear when will be his last day, the report informs, stating that typically senior executives have to serve a three-month notice period.
In the recent past, Pradeep Desai (VP of Product), Virat Chatterjee (VP of Engineering), Gaurav Gupta (Head of IT) and Srinivas Murthy (VP of Marketing), have called it quits at Snapdeal. The recent failed talks with Flipkart were led by Vikal. With an unsuccesful attempt at the deal, the company turned back to a pure marketplace operation, but sources in the report claim that Vikal was in favor of the acquisition by Flipkart. However, over the last two years, he has made several attempts to up the balance sheet of the company, which include offloading assets and exiting from multiple ventures. Looking at the pattern, one can expect more senior executives leaving Snapdeal in the future. The troubles for the e-commerce company seem to be far from over, at the moment.
