E-commerce giant Flipkart announced the exit of Myntra-Jabong chief executive officer (CEO) Ananth Narayanan on Monday. In an internal email, the Flipkart board named Amar Nagaram the new head of Myntra reporting to Flipkart CEO Kalyan Krishnamurthy, practically abolishing the CEO post.
Why did this happen?
In a statement, Myntra said Narayanan has decided to step down as CEO of Myntra and Jabong to pursue external opportunities. There were hints that Ananth would quit after a new reporting structure was put in place when Binny Bansal left the company. Also, Reports suggest that he is moving to content streaming platform Hotstar, but the same could not be verified officially.
“Ananth has played an important role in making Myntra and Jabong into a formidable player in the fashion e-commerce market and steering the company towards sustainable growth,” Myntra said.
The man taking charge
Nagaram, who is taking over this position is currently a vice-president at Flipkart. He has largely worked on Flipkart’s consumer-facing mobile and web platforms.
“The company (Myntra and Jabong combined) will continue to execute the growth strategy and leverage synergies with Flipkart as appropriate. The strong bench strength and new leadership at Myntra and Jabong will allow the business to continue on its strong and sustainable growth trajectory,” Flipkart’s press note said.
The exit period
Over the past few months, several top executives have resigned on their own. This includes Myntra Chief Financial Officer (CFO) Dipanjan Basu, Chief Marketing Officer and Head of Jabong Gunjan Soni, and Chief Strategy Officer, and Head of Categories Ananya Tripathi, among others.