Flipkart co-founder and longest serving CEO Sachin Bansal may exit after the successful negotiations with the US retail giant Walmart’s deal of holding a majority of the share in the Bengaluru-based company. However, Sachin Bansal holding the current position of executive chairman in Flipkart had no plans to sell his share of stake.
One of the people aware of the latest development in the company said, “The talks around Sachin moving out of Flipkart with the Walmart deal have started in the last 3-4 days”.
Sachin Bansal’s exit is a strong possibility though it will be decided over the next week after the meeting of Walmart and Flipkart.
The company Flipkart was set up in 2007 by the IIT-Delhi pass out and former Amazon chairman Binny Bansal and Sachin Bansal in an apartment at Bengaluru. Till 2016, Sachin was the CEO of the company until Binny Bansal took over the charge from being the former COO of the logistic function. Sachin was later on elevated as the executive chairman in January 2016.
During the decisive festive sales in 2016, the company beat Amazon India and bring backs kalyan Krishnamurthy who took over as the CEO from Sachin Bansal. However, changes at the management level is not a new thing for the Flipkart but exit of any top official will be a significant development.
Last year, Sachin Bansal have also become the founding chairman of industry lobby group Indiatech.org and over the last 2-3 years he has been continuously focussing on building private label, ‘Billion’ under Flipkart.
Binny Bansal have already sell about tenth of his shares in Flipkart while Sachin Bansal has not yet decided to whether to sell his 5.5% stake in Flipkart. When asked in mail about the recent developments in the company, Sachin has denied commenting anything related to the negotiation and exit from the company.