Flipkart CEO Sachin Bansal Replaced Due to Performance
Flipkart CEO Sachin Bansal : The Number one India’s largest E-commerce market place Flipkart.com, set up in 2007, sells everything from cellphones to suitcases and cosmetics, competing with home-grown rival Snapdeal and Amazon’s Indian unit. But the company’s valuation fell from $15 billion to $11 billion earlier this year. During the monthly Friday meeting Flipkart One of the Founder Sachin Bansal has revealed he had to step down as the company’s CEO and take up the chairman’s position after missing performance targets, a media report said.
Sachin Bansal was replaced as CEO by Co-founder Binny Bansal in January and made executive chairman.who was promoted from Chief Operating Officer to head the company. Both the Bansals, who are not related, are former employees of Amazon.The Flipkart received a string of bad news recently such as valuation markdowns, high-level exits, rising competition with Amazon, etc. The largest online marketplace in India now wants to make profits and wants to do away with non-performing employees.