In a rapid string of events Former Tiger Global executive Kalyan Krishnamurthy is the new Flipkart CEO. While, Binny Bansal, who took over chief executive exactly one year ago, now moves to the role of Group CEO. This being a major executive shuffle at the highest levels of India’s largest online marketplace.
Nitin Seth, Flipkart’s current chief administrative officer, will now take up the role of the chief operating officer, in addition to his existing role of human resources head.
Earlier, Krishnamurthy was global head of private investments with Flipkart’s largest investor Tiger Global Management. Tiger Global is often termed as the godfather for Flipkart. Later, he joined Flipkart as its head of commerce unit, and now he has been elevated as its new chief executive, replacing co-founder Binny Bansal.
According to the new roles and responsibilities, Binny Bansal will oversee functions such as capital allocation across all the group companies, merger and acquisition activities. CEO selection at group companies include Myntra-Jabong and PhonePe, in what is being seen internally as a potential move to ensure the company’s readiness for an initial public offering (IPO) in a few years.
Flipkart in an official statement announced, “This newly formed group organization 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.”
Group CEO Binny added, "We are now ready to build the Flipkart of the future as we continue on our journey of transforming commerce in India through technology. I am confident that this new organization structure will deliver further value for Flipkart group."
Well, amen to that! We wish Krishnamurthy a grand success, who deserves a great celebration for his birthday on Thursday.