Following Takeover By Walmart, Flipkart To Have a New CEO?

Flipkart Pvt Ltd is reportedly considering naming a new CEO at the group level for the company. The company has come under the control of Walmart Inc. After Sachin Bansal’s resignation, Binny Bansal took over his job as the CEO.

Walmart which agreed to by 77 per cent stake in the company for a price of USD 16 billion, is contemplating the division of responsibilities between the chairman and CEO. Flipkart also owns Myntra, Jabong and PhonePe.

Regardless of the change, Bansal will remain the chairman of the company, Live Mint reported. From 18 months of Bansal’s departure, in the event of his resignation, he will not be able to work with any competitor because of the non-compete clause in the agreement.

Walmart has recently made some disruptions in the system by appointing a new chief financial officer, general counsel, chief ethics and compliance officer and group controller.

In 2015 after a big reshuffle, Flipkart’s administration was divided into three, between Sachin Bansal, Binny Bansal and Mukesh Bansal.

In 2017, Krishnamurthy who was earlier with Tiger Global Management took over the role of a CEO.