Talking about his leaving Flipkart, Bansal wrote in a note on Facebook post: Flipkart truly upheld audacity and customer centricity and I got to work with the best people.
Sachin Bansal, the group chairman of Flipkart, is selling his entire 5.5% stake to Walmart. Bansal is also stepping down from the board of the company he co-founded along with fellow IITian Binny Bansal. There have been reports of his being « very disappointed » with some recent events that left him not being part of the biggest milestone for Flipkart.
Talking about his leaving Flipkart, Bansal wrote in a note on Facebook post:
Flipkart truly upheld audacity and customer centricity and I got to work with the best people. We took on some of the biggest challenges and solved many complex problems for india.
Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart. But I’ll be watching and cheering from the outside — Flipsters, you better continue to do a good job!
I’ll be taking some long time off and focus on finishing a few personal projects which I haven’t been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills.
I will always cherish the relationships I’ve built and amazing experiences I’ve had.
Wishing all the best to the whole team. »
TOI had earlier reported quoting people close to the development that Sachin was “not aligned with the strategy and operating structure that was being proposed post Walmart coming on board”.
Binny Bansal stays as the group CEO and also gets the additional role of the executive chairman. Flipkart CEO Kalyan Krishnamurthy too is likely to stay. An ex-Tiger Global executive, Krishnamurthy has reportedly been offered a ‘golden umbrella’ — a retention bonus of about $2 million if he stays with the company for three years by Walmart.
Sachin co-founded Flipkart along with Binny as an online bookstore in the year 2007. He served as Flipkart’s CEO for nine years before taking on the role of chairman in January 2016. Since then, Sachin has been away from day-to-day operations at the Bengaluru-based e-tailer. He has played a key role in launching Flipkart’s private label ‘Billion’ across electronics, appliances and apparel.
