Ecommerce giant Flipkart announced major structural change in the management. Founder Sachin Bansal (CEO & co-founder) has now been appointed as the Executive Chairman in the company, on the other hand, Binny Bansal (COO and co-founder) will be the new Chief Executive Officer of Flipkart.
Sachin’s new role as Executive Chairman will help provide strategic direction for Flipkart, mentor the senior leadership of the company as well as look for new investment opportunities. Apart from that, he will also play an active role in championing the Indian ecommerce sector and building the internet ecosystem, as well as represent the company in external forums. Sachin will also continue to be the Chairman of the Board.
In the new role, Binny Bansal will take care of the operations and will be responsible for Flipkart’s overall performance. All the business areas such as Commerce, Ekart and Myntra will now report to Binny. Apart from that, all corporate functions including HR, finance, legal, corporate communications and corporate development will also report to Binny.
As for Mukesh Bansal, the founder of Myntra, will be the Head of Commerce Platform, Flipkart’s core business, and will have additional responsibility of the ads business. He will also continue in his role as Chairman of Myntra.
Paytm VP Amit Lakhotia quits
Amit Lakhotia, vice president at Paytm, resigned from the company. Lakhotia had been heading the payments business at Paytm. Prior to joining Paytm Lakhotia had co-founded intercity cab service startup GetMeCab. He is an IIM-Ahmedabad alumnus and had started his career with MakeMyTrip.com.