Flipkart announces apex structure for Flipkart Group with Binny Bansal as Group CEO
New Delhi [India], Jan 10 (ANI): In order to drive Flipkart to the next level of growth, the company has announced new structure with Flipkart Group organization at the apex level. This newly formed Group Org will focus on creating future value through a portfolio of new, high growth businesses, manage capital allocation across group companies, and ensure each business has a strong CEO in place.
"2016 has been truly an extraordinary year for Flipkart," said Group CEO Flipkart, Binny.
"We effected a complete turnaround of the business and consolidated our leadership position in ecommerce. Our execution engine is revved up. Our customer experience and product quality has shown tremendous improvement," he added.
Myntra became a USD one billion dollar GMV run rate company and achieved ~ 80 percent YoY growth.
"We are now ready to build the Flipkart of the future as we continue on our journey of transforming commerce in India through technology. I am confident that this new organization structure will deliver further value for Flipkart group," added Binny.
One of the focus areas of the Group Org will be to build a portfolio of new, high value-creating businesses that are disruptive and will transform commerce in India. To evaluate these opportunities and construct this portfolio of new businesses, Flipkart Group Org will have a Group Strategy function as well as M&A.
The other key responsibility of Binny as Group CEO will be to oversee capital allocation across all the group companies, CEO selection and CEO compensation as well as to ensure each business is led by a strong CEO.
Consequently, Kalyan Krishnamurthy, currently heading the Category Design Organisation will become the CEO of Flipkart. Kalyan will be responsible for operationally driving Flipkart and will be responsible for Flipkart P&L.
Nitin Seth, presently the Chief Administrative officer, will be the COO for Flipkart. In his new role, Nitin will be responsible for Ekart and Customer experience in addition to his existing role leading HR, strategy to execution capabilities and corporate functions for Flipkart.
As part of the Flipkart group organization, Ananth will continue to be the CEO of Myntra-Jabong and Sameer will continue to the CEO of PhonePe.
Kalyan, Ananth and Sameer will report to Binny. Flipkart Group is in the process of hiring a Group CFO and General Counsel and both of them will also report to Binny.
Saikiran will transition from his role as Head of Supply Chain to lead the efforts to set up the Group CEO's office and help Binny deliver his new charter.
Sachin will continue to be the Executive Chairman, providing strategic direction for existing businesses, mentoring senior leadership, and will work closely with Binny on the new business portfolio. (ANI)