Food and grocery delivery company Swiggy said on Friday that its cofounder and head of innovation, Nandan Reddy, will step down from his executive position and also leave his seat on the board.
Reddy, who cofounded Swiggy with Sriharsha Majety and Rahul Jaimini, is leaving the company to start his own venture. Jaimini had exited the company in May 2020.
The Bengaluru-based firm said in a stock exchange filing that cofounder and chief growth officer Phani Kishan Addepalli, along with chief financial officer Rahul Bothra, will join its board of directors.
Renan De Castro Alves Pinto from Prosus Ventures will also join the board as a nominee director, replacing Roger Rabalais, who is stepping down after transitioning from the Dutch technology investor.
In a separate filing, Swiggy said it is making changes to its articles of association to reorganise shareholder rights related to nominating directors to the board.
As part of this move, the company has removed the rights previously held by Accel and SoftBank to nominate directors. In July last year, SoftBank’s Sumer Juneja and Accel’s Anand Daniel had already stepped down from the board. As of December 31, Accel held a 2.8% stake in Swiggy.
The company has also given cofounder and group CEO Sriharsha Majety the right to nominate himself and one more member of the senior management team to the board, which has enabled Bothra’s appointment. Addepalli’s appointment comes in place of Reddy.
Addepalli, who earlier led Swiggy’s quick commerce business Instamart, was elevated to cofounder in July 2021.
“Nandan has been a vital collaborator and a visionary force throughout Swiggy's evolution—from our beginnings in a single Bengaluru neighbourhood to becoming a nationwide platform serving millions. His steadfast commitment to our culture, innovation, and the consumer experience is woven into our DNA. While his daily presence will be missed, I look forward to the impact of his future endeavours,” Sriharsha Majety, group CEO, Swiggy said.
The proposed changes to the board and the articles of association will be subject to shareholder approval.