News: Flipkart considers hiring a new Group CEO


Flipkart considers hiring a new Group CEO

The recently acquired company may separate the responsibilities of Chairman and Group CEO, Binny Bansal.
Flipkart considers hiring a new Group CEO

After former Chairman Sachin Bansal left Flipkart, Co-founder Binny Bansal took the responsibility of both Chairman and Group CEO. Now the company is considering to separate the new roles and appoint a new Group CEO as Binny Bansal is not actively involved in daily operations. He will, however, remain the Chairman of the company.

Reports suggest that Walmart is considering both internal and external candidates for the role, with Flipkart's CEO Kalyan Krishnamurthy being one of the strongest contenders to become Group CEO.

While Flipkart is contemplating the option of restructuring, it may well decide to continue with the current structure.

Subsequent to the acquisition of Flipkart by Walmart, the former company has seen a lot of changes in its organizational structure. In recent months, several of its leaders have been moved to senior positions at the group level at Flipkart. Walmart also appointed a new chief financial officer, general counsel, chief ethics and compliance officer and group controller. In August it appointed Vineet Sethi, Phanimohan Kalagara, Naren Ravula, Srinivasulu Grandhi and Dev Iyer have been appointed to lead the Indian e-retailer.

In 2016, Flipkart Binny Bansal was elevated to the role of the CEO and later in 2017 when he was named Group CEO, Krishnamurthy, a former executive of Tiger Global Management, took the role of CEO.

If Binny Bansal now chooses to leave he is bound by a non-compete clause that will prevent him from working with any competitor of Flipkart’s group companies for 18 months from the date of his departure or from the date his shareholding in Flipkart falls below 2 percent. Further, Walmart holds the rights to appoint a new Flipkart CEO or Chief Financial Officer, in the event of a vacancy, according to a recent regulatory filing.

If Flipkart names a new CEO at the Group level, it said to become the fourth major leadership transition in many years.

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Topics: Leadership, C-Suite

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