Flipkart CEO Kalyan Krishnamurthy has denied all reports citing his exit from the Walmart owned e-commerce firm. There are reports that a new CEO is likely to replace Krishnamurthy soon and a formal announcement about the same is expected around Walmart’s shareholders’ meeting in the first week of June.
“This is just not true. I am at Flipkart for the long term and fully committed to the company and Walmart -Flipkart partnership. As we called out it’s a baseless story.” – Kalyan Krishnamurthy, CEO, Flipkart
Last year, Walmart acquired the majority stake in Flipkart for a whopping US $ 16 million. Following this, the co-founder of the firm vacated his position and later co-founder Binny Bansal also left due to personal misconduct allegations. With the founders out, Kalyan Krishnamurthy stepped in, to lead Flipkart into the new era and has the India charge for the new Walmart-Flipkart future.
Walmart is betting big on India despite the revised norms for Foreign Direct Investment (FDI) in e-commerce.
According to reports, Walmart is working on a new strategy for Flipkart with plans to shift the focus towards core business metrics, improved profitability and greater sales volume.
Rajneesh Kumar, senior vice president and chief corporate affairs officer of Flipkart Group also denied that there were any plans to replace Kalyan Krishnamurthy with a new CEO.