After Binny Bansal’s movement from the active role as Group CEO and Kalyan Krishnamurthy taking up a larger role, all hasn’t been well with Flipkart and its affiliate Myntra. From past few weeks – the rumour has it that Myntra chief executive officer (CEO) Ananth Narayanan is leaving the company.
Now the rumour appears to be true – Narayanan is resigning along with chief revenue officer (CRO) Mithun Sundar and Human Resources head Manpreet Ratia.
Narayanan will reportedly move from the company next month and Amar Nagaram, Vice President, Consumer Shopping Experience, Flipkart is likely to steer Myntra henceforth.
Meanwhile, the fashion major has made an attempt to keep around 60 key executives and employees through retention packages, reports Mint citing anonymous sources.
Last month, there was also a report of Ananth Narayanan, CEO of Myntra and CFO Dipanjan Basu quitting the firm, which was later denied by the company and Narayanan himself.
A few weeks ago, Flipkart had announced Myntra’s integration with struggling Jabong across all functions. Following the integration, both fashion portals were slated to layoff employees and more are expected in coming days.
As part of rejigging, Myntra’s chief technology officer Jeyandran Venugopal is expected to a new role in the Flipkart storefront merchandising team. Chances of Flipkart shutting Jabong after few months are also high.
Entrackr queries in this regard are yet to get a response from Flipkart and Myntra CEO.
Experts outline that missing of revenue target by Myntra this year could be the reason behind churn at the top level. Much to the dismay of Narayanan, he came under Flipkart CEO Krishnamurthy’s supervision after Bansal’s resignation.