Tuesday, 10 January 2017

Flipkart names Krishnamurthy as chief; Bansal to be group CEO

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In a sign of stiffening controls over Flipkart, the company’s board led by investors on Monday announced the appointment of Tiger Global Management's former executive Kalyan Krishnamurthy as Flipkart's Chief Executive Officer (CEO). The top-deck rejig hands over the control of Flipkart’s operations to Krishnamurthy, which could be a precursor of a tighter control by one of its largest investors Tiger Global Management over the e-tailer, which was devalued thrice in 2016 by global hedge fund investors. 

2017 is expected to see tighter controls of investors over Flipkart. Meanwhile, co-founder Binny Bansal, who was appointed CEO of Flipkart last year, has now been elevated as Group Chief Executive Officer — a newly-formed position. Sachin Bansal, who was made the Executive Chairman last January, will continue to hold the position.

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