In an overhaul of its top level management, e-commerce giant Flipkart today announced that Sachin Bansal, its CEO and Co-founder, will now be the Executive Chairman of the company and Binny Bansal, COO and Co-founder of Flipkart, will be its Chief Executive Officer.
“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. 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,” Flipkart said in a blog post on Monday.
“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,” said Sachin Bansal.
While CEO Binny Bansal will now be responsible for operationally driving the company and will be accountable for Flipkart's overall performance, all 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% 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,” Binny Bansal said.
Mukesh Bansal will continue to be the Head of Commerce Platform, Flipkart's core business, and will have additional responsibility of the ads business. Mukesh will also continue in his role as Chairman of Myntra.
Mukesh Bansal, Head of Commerce Platform said “These are exciting times for Flipkart. We have achieved leadership in e-commerce based on our focus on the Indian consumer and a great execution capability. Today, Flipkart is a brand trusted by millions across India backed by a robust seller ecosystem and world-class technology. We are confident that in the coming years, we will continue this momentum as we spread the benefits of e-commerce across the length and breadth of India.”