Flipkart announces new management structure
Flipkart has announced a new management structure, with Sachin Bansal becoming Executive Chairman and Binny Bansal taking on the role of CEO. The Bansals (who are not related) are the co-founders of the Flipkart, which is often referred to as “Amazon’s Indian rival”.
Sachin Bansal previously took the role of CEO. As Executive Chairman of Flipkart, Sachin will now “provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities”. He continues to be Chairman of the Board.
In a statement issued on the company website yesterday (11 January), Sachin Bansal was quoted as saying: “E-commerce in India is going through its most exciting phase and Flipkart has played a pioneering role in shaping this very remarkable journey.
“We believe that Flipkart can play a transformational role in improving commerce in India and improve the quality of lives of millions of people across the farthest corners of the country.
“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. We also want to continue to play a pivotal role in shaping the internet and the commerce ecosystem of India.”
The “global behemoth” is probably a reference to Amazon, which has been ramping up its presence in India recently.
The Flipkart statement added: “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.”
