New Delhi: India's biggest e-commerce company Flipkart said on Monday 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.
Binny as chief executive officer will now be responsible for operationally driving the company and will 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.
"At Flipkart, we have come a long way in our eight year journey. Today, we are 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. Flipkart has all the necessary ingredients of brilliant talent and great technology to win this next phase as well. We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce and bring in disruptive technologies," said Binny.
As Flipkart explains, Sachin, in his role as executive chairman, will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities. He will play an active role in championing the Indian e-commerce sector and building the internet ecosystem, and represent the company in external forums. Sachin will continue to be the Chairman of the Board.
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.
(With inputs from Reuters)
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