A management rejig undertaken by Flipkart will see its current chief executive Sachin Bansal stepping down from the top post at India's largest e-commerce firm. He will replaced by co-founder Binny Bansal.
However, Sachin Bansal will continue as the executive chairman of Flipkart, the company said in a statement.
"He will play an active role in championing the Indian e-commerce sector and building the Internet ecosystem, and represent the company in external forums. Sachin will continue to be the chairman of the Board," the company said in a statement.
Prior to his appointment as CEO, Binny Bansal worked as the chief operating officer of Flipkart, overseeing the company's supply chain and logistics business.
"Binny as chief executive officer will now be responsible for operationally driving the company and will be accountable for Flipkart's overall performance. All the business areas â€” Commerce, Ekart and Myntra â€” will now report to Binny," the statement quoted Sachin Bansal as saying.
The e-commerce sector, although estimated to witness a massive growth in the coming years, is seeing increased competition due to entry of new players, besides expansion of operations by existing firms.
The firms are also facing pressure from investors to turn profitable as they burn through huge amounts by offering discounts to lure customers to online shopping.
"Today, we are in a very strong leadership position with over 60% market share of the m-commerce market, 50 million customers and clear leadership in smartphones and fashion. The journey ahead is equally exciting and challenging. Flipkart has all the necessary ingredients of brilliant talent and great technology to win this next phase as well," Sachin said in the statement.
Besides, the Bengaluru-based firm has announced Mukesh Bansal, who is currently the head of Flipkart's Commerce platform, will take additional responsibility of its growing ad business. He will also continue in his role as chairman of Myntra, the online fashion retailer acquired by Flipkart in 2014.