Flipkart has reshuffled its board as it prepares to go public in the upcoming years. The Walmart-owned company has added Flipkart Group CEO Kalyan Krishnamurthy along with HDFC CEO and Vice Chairman Keki Mistry to the board.
Walmart directors – Suresh Kumar, global CTO & Chief Development Officer with Leigh Hopkins, Executive Vice President of Strategy and Development for Walmart International also joined the board.
Dirk van den Berghe, Rajesh Magow, Steuart Walton and Rohit Bhagat will be stepping down after leading the company through the first couple of years. – Krishnamurthy said in an email to employees.
He further added – “We are sad to see all four step down, but delighted that we will not have to say goodbye to any of them; Rajesh and Dirk will continue to support us in an advisory capacity, Steuart will continue to sponsor us from the Walmart board, and Rohit will be chairing the PhonePe board.”
Speaking on the developments, he said – “I am also honoured to have been invited to join the board from next year, and along with both the existing and new directors, look forward to supporting Flipkart’s next steps and growth journey.”
Recently, Flipkart, has also announced a partial spin-off of PhonePe, digital payments platform.
The development is made so that PhonePe can access dedicated capital to fund its long-term ambitions over the next three to four years. The partial spin-off also provides payments platform an opportunity to constitute a new Board of Directors focused on supporting its development, and to create a tailor-made equity incentive or ESOP program for its employees.
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.