BENGALURU: Founder of the edtech company Think and Learn, which owns Byju's brand, Byju Raveendran will handle the firm's day-to-day operations following the resignation of CEO Arjun Mohan, the company said on Monday.
The company also announced a major reorganisation to streamline its operations. As part of this, it is consolidating its businesses into three divisions - The Learning App. Online Classes & Tuition Centres, and Test-prep.
This reorganisation comes at a time when the company is facing severe cash crunch and battling legal cases. This new structure will enable each vertical to be nimbler, cost-efficient, and better equipped to capitalise on market opportunities while leveraging the power of company's brand and ecosystem, Byju's said.
Each of these units will have separate leaders who will independently run the businesses sustainably to ensure profitability, it added.
The changes follow a seven-month operational review and cost optimisation exercise led by Arjun Mohan.
“This reorganisation marks the start of Byju’s 3.0 - a leaner and more agile organisation ready to quickly adapt to evolving market dynamics, especially in the realm of hyper-personalized education,” said the edtech firm founder Byju Raveendran.
This new phase will also see Byju Raveendran spearheading the daily operations of the company. Over the past four years, he had focused primarily on strategic aspects such as raising capital and driving global expansion. From now on, he will be involved in the company's day-to-day functioning.
Mohan will now transition to an external advisory role, lending his deep edTech expertise to the company and its founders during this transformation phase.
"With this new organisational structure and with the return of Byju Raveendran as the operational leader, BYJU'S is now well-positioned to begin its next chapter of innovation-led growth by launching at scale its new suite of AI-first products that have already received an overwhelmingly positive feedback in the pilot phase," the statement said.
(With inputs from PTI)