Indian e-commerce giant Flipkart on January 11th announced that Sachin Bansal, co-founder will be stepping down as chief executive officer and be replaced by Binny Bansal, the other co-founder.
“Sachin Bansal, the CEO and co-founder of Flipkart, will be the executive chairman of the company and Binny Bansal, COO and co-founder of Flipkart, will be the chief executive officer of Flipkart,” Flipkart said in a statement. Sachin will now be a mentor and give strategic direction to the company as executive chairman.
Also continuing to be the chairman of the board, Sachin will lookout for new investment opportunities, champion Indian e-commerce sector and represent Flipkart in external forums, the statement added.
In a statement Sachin said, “We believe that Flipkart can play a transformational role in improving commerce in India. 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,”
“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,” said Binny.
According to a Business Standard report, Binny said that Flipkart is in a very strong leadership position with over 60 percent market share of the mobile commerce market and 50 million customers with clear leadership in smartphones and fashion. The report also said that Mukesh Bansal will continue to lead the e-commerce giant’s fashion subsidiary Myntra and will also head the company’s core business commerce platform along with the ads business.
“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,” said Mukesh.