News: Myntra CEO Ananth Narayanan resigns from his post

#Leadership

Myntra CEO Ananth Narayanan resigns from his post

Weeks after denying the rumors of quitting the company, Ananth walks away from the fashion e-commerce arm of Flipkart.
Myntra CEO Ananth Narayanan resigns from his post

The senior leadership team of the Indian fashion e-commerce company Myntra disintegrates as it faces several exits. 

To begin with, CEO Ananth Narayanan has resigned from his post and reports suggest that the company looks to abolish the CEO post entirely. Further, other key leaders like Chief Revenue Officer Mithun Sundar has also put down his papers. 

To take control of the flowing resignations, Flipkart has also tried to retain 50-75 key executives and employees at Mynta with retention bonuses and packages. However, these bonuses have not been offered to Ananth and Mithun. 

As Flipkart might abolish a separate CEO role for Myntra, speculations are that Flipkart executive Amar Nagaram may head the fashion retailer. 

Myntra has been going through major restructuring lately. Earlier, Myntra’s Chief Technology Officer (CTO) Jeyandran Venugopal has moved to Flipkart to head its engineering division and Flipkart's mobile category head Ayyappan R was appointed to lead category management at Myntra. In October, it was reported that Chief Marketing Officer of Myntra and Head of Jabong, Gunjan Soni, and Myntra’s Chief Strategy Officer and Head of Categories, Ananya Tripathi have decided to leave the organization by December this year. 

Besides these key roles, about 150-200 people have already been laid off across Myntra and Jabong and another fresh round of layoffs is expected over the coming weeks, as per reports.

With Flipkart considering the option of shutting down Jabong as a separate platform, jobs of many employees are at risk. 

“Flipkart Group is deeply committed to the success of Myntra and Jabong as market-leading brands. The integration of the two brands’ back-office teams is a long-planned and one-off realignment that started since Myntra’s acquisition of Jabong in July 2016. We have no further restructuring plans at this time,” the spokeswoman said in an email.

While Flipkart says it has no further restructuring plans at this time, exits like that of the CEO seems alarming. After simultaneous senior exits, ensuring job security to employees across Flipkart, Myntra and Jabong will be essential for the leaders.    

Image Credits: Pinterest

Topics: Leadership

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