Amidst departure of Ananth Narayanan from Myntra to head Hotstar, the fashion e-tailer’s parent group Flipkart has elevated Amar Nagaram as CEO of the newly merged entity of Myntra and Jabong.
As soon as media reports suggested Narayanan’s movement from Flipkart, Nagaram’s name also cropped up taking up the CEO role at Myntra and Jabong. Nagaram, who recently moved from Flipkart to Myntra as chief technology and product officer (CTPO), will be reporting to Flipkart CEO Kalyan Krishnamurthy.
Prior to CTPO role, Nagaram was Vice President at consumer shopping experience for Flipkart since January 2016.
Earlier today, media reports suggested that Narayanan was unwilling to take up the role of merged entity as under the new structure he has to report to Krishnamurthy. Not only Narayanan but Myntra’s chief revenue officer (CRO) Mithun Sundar and Human Resources head Manpreet Ratia have reportedly put in their papers.
While Myntra’s integration with struggling Jabong also led layoffs, Flipkart had made an attempt to keep around 60 key executives and employees through retention packages.
Sources quoted in the ET report also revealed that Narayanan has been negotiating his stock worth $20-25 million but Walmart wasn’t ready to dilute his entire stocks in cash.
Meanwhile, Narayanan, who joined Myntra in 2015 is expected to Join Hotstar as CEO. The streaming giant’s CEO Ajit Mohan had recently left the post to serve Facebook India as managing director.