Flipkart founders Binny Bansal and Sachin Bansal have passed over the operational control of the organisation they designed during the last several years to Kalyan Krishnamurthy, the nominee of marquee American investor Tiger Global.
Krishnamurthy was on Monday was known as the new chief executive officer (CEO) of the Bengaluru-based organisation. He changed co-founder Binny Bansal, who was made the team CEO.
The change in top management occurs annually after then-CEO Sachin Bansal was raised as the chair. Tiger Global is the biggest trader in Flipkart by value.
Image source: firstpost.com
In the past one year, Binny Bansal has rationalized costs, pushing high-cost professionals to leave and checked out enhancing performance. Krishnamurthy, who had previously led supply chain finance at Procter & Gamble and handled the financial situation of eBay in Asia Pacific, was introduced in June last year. He had taken over as head, category design organisation, to build a technique recover Flipkart and increase fresh resources to prepare against Amazon.
While Flipkart has been advertising itself as a horizontal e-commerce player, it is concentrating on the fashion straight with the Flipkart-Myntra and Jabong combine, with two-thirds of market popularity.