A year after Binny Bansal replaced his co-founder Sachin Bansal as CEO, Flipkart has yet again undergone changes in its management structure. India’s largest online marketplace announced its head of category design Kalyan Krishnamurthy as the new CEO, while Binny Bansal will become Group CEO. This is the first instance in the Indian startup ecosystem that a company has looked beyond members of its founding team for the CEO position.
Sanchit Vir Gogia, Chief Futurist, Founder & CEO at Greyhound Knowledge Group, says the change was expected against the backdrop of the company’s underperformance lately.
“The move will have a ripple effect and I expect more founders to make way for professional CEOs,” says Gogia, adding that other local well-known startups could follow suit.