Flipkart shuffles top management, makes Binny Bansal new CEO

E-commerce major Flipkart on Monday announced a new management structure and elevated co-founder Binny Bansal, current COO, as the Chief Executive Officer, while the current CEO and co-founder Sachin Bansal will now be the Executive Chairman of the company.

"In his role as Executive Chairman of Flipkart, Sachin will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities," the e-tailer said in a blog post on its website.

The news was tweeted by co-founder Sachin Bansal who welcomed the new CEO and said, "Together we will create magic".

Binny Bansal will now be responsible for operationally driving the company and will be accountable for Flipkart's overall performance, the company informed.

"All the business areas - Commerce, Ekart and Myntra will now report to Binny. All corporate functions including human resources, finance, legal, corporate communications and corporate development will also report to Binny," the company added.

Speaking on the development, Binny Bansal said, "At Flipkart, we have come a long way in our eight year journey. 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.  We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce and bring in disruptive technologies."

According to the company, though Mukesh Bansal's position as Head of the Commerce Platform remains unchanged, he will have the added responsibility of the ads business.

The company has so far not given any reasons for the shuffle.