The CEO of the e-commerce company, Flipkart Binny Bansal has been replaced by Kalyan Krishnamurthy. Krishnamurthy joined Flipkart as the head of the commerce unit from Tiger Global in June 2016.
“This newly formed group organisation 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,” Flipkart said
In other developments, Nitin Seth, the current chief administrative officer at Flipkart, will be the COO for Flipkart. In the last couple of months, many executives have quit the Flipkart. This includes chief financial officer Sanjay Baweja, commerce head Mukesh Bansal, and technology head Peeyush Ranjan.
Flipkart has faced successive valuation markdowns from its mutual fund investors this year.