India's biggest e-commerce company Flipkart said on Monday (11 January) its Chief Executive and co-founder Sachin Bansal will step down and be succeeded by its other co-founder, Binny Bansal.
Binny, who was the chief operating officer before the rejig, launched Flipkart in 2007 along with Sachin, (they are not related) who will now take the role of executive chairman.
The management changes come amid talks that the company is preparing for an IPO in the United States - in what is expected to be one of the biggest listings by an Indian company abroad.
In his role as the executive chairman, Sachin will provide strategic direction and mentor the senior leadership as also look for new investment opportunities.
While, Binny as the CEO will now be responsible for operationally driving the company and be accountable for Flipkart's overall performance.
"All the business areas - commerce, ekart and Myntra - will now report to Binny. All corporate functions including human resources, finance, legal, corporate communications and corporate development will also report to Binny," it added.
Sachin, who will continue to be the Chairman of the Board, will play an active role in championing the Indian e-commerce sector and building the internet ecosystem and represent the company in external forums.
Mukesh Bansal will continue to be the head of commerce platform and will have additional responsibility of the ads business. He will also continue as the Chairman of Myntra.
"In this next phase of the journey, it will be our endeavour to fulfil this responsibility and prove that India can produce a world-class internet company that can outshine any global behemoth," Sachin Bansal said.
Binny Bansal said the company is in a very strong leadership position with over 60 per cent market share of the m-commerce market, 50 million customers and clear leadership in smartphones and fashion.
"The journey ahead is equally exciting and challenging," he added.
(Reuters / PTI)
