BENGALURU: Flipkart on Monday announced that Binny Bansal, COO and Co-founder of Flipkart has taken over as the Chief Executive Officer of the e-commerce major. Sachin Bansal, the current CEO and Co-founder of Flipkart, has gone on to become the executive chairman of the company.
Earlier in the day, Sachin Bansal Tweeted: "Welcome @binnybansal as CEO of @Flipkart. Together we'll create magic."
In his role as executive chairman of Flipkart, Sachin will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities. He will play an active role in championing the Indian e-commerce sector and building the internet ecosystem, and represent the company in external forums, a statement from the company said. Meanwhile, Sachin will continue to be the chairman of the moard.
Sachin Bansal, Co-founder and Executive Chairman, Flipkart, said in the statement, “E-commerce in India is going through its most exciting phase and Flipkart has played a pioneering role in shaping this very remarkable journey. We believe that Flipkart can play a transformational role in improving commerce in India and in improve the quality of lives of millions of people across the farthest corners of the country. We also want to continue to play a pivotal role in shaping the internet and the commerce ecosystem of India.”
Binny as CEO will be responsible for operationally driving the company and will be accountable for Flipkart’s overall performance. All the business areas – Commerce, Ekart and Myntra will now report to Binny. All corporate functions, including human resources, finance, legal, corporate communications and dorporate development will also report to Binny.
Binny Bansal, Co–founder and CEO, Flipkart said, “Today, we are in a very strong leadership position with over 60 per cent market share of the m-commerce market, 50 million customers and clear leadership in smartphones and fashion. Flipkart has all the necessary ingredients of brilliant talent and great technology to win this next phase as well."
Meanwhile, Mukesh Bansal will continue to be the Head of Commerce Platform, Flipkart’s core business, and will have additional responsibility of the ads business. Mukesh will also continue in his role as chairman of Myntra.