Sachin Bansal with Binny Bansal, co-founder, Flipkart.com
In a major management reshuffle, Flipkart on Monday said its current chief executive officer Sachin Bansal, who is also its co-founder, will now be the executive chairman of the company. Binny Bansal, co-founder and chief operating officer, will take over the reins as the new CEO.
In his role as executive chairman of Flipkart, Sachin will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities, the company said in a statement. He will continue to be the chairman of the board.
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 percent 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,” said Binny Bansal.
This move was under consideration for a while, says Subrata Mitra, partner, Accel Partners, told Forbes India. Accel Partners is an early investor in Flipkart. “Sachin would be responsible for all external facing activities and strategy, whereas overall operations would be completely under Binny. Binny would be reporting to the board.
Additionally, the company said Mukesh Bansal will continue to be the head of commerce platform, Flipkart’s core business, and will have the additional responsibility of the ads business. Mukesh will also continue in his role as chairman of Myntra.