Flipkart Names Binny Bansal CEO, Sachin Bansal Executive Chairman

E-commerce major Flipkart on Monday announced its new management structure. Binny Bansal, COO and Co-Founder of Flipkart, will be the new Chief Executive Officer, while its existing CEO, Sachin Bansal, will be the Executive Chairman of the company.

As CEO, Binny will now be responsible for the company's operations and overall performance. All the business areas - Commerce, Ekart and Myntra will now report to Binny, as will corporate functions such as human resources, finance, legal, corporate communications, and corporate development.

Looking back at Flipkart's eight-year journey, Binny Bansal said that the company had a strong leadership position, particularly in smartphones and fashion, with over 60 percent market share of the m-commerce market and 50 million customers.

According to the company's recently disclosed year-end 2015 data, Flipkart receives an average 10 million visits a day, and has a base of 60,000 sellers. The top five shopping categories on Flipkart were mobile phones, shoes, sarees, watches, and power banks.

"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." He said, in a blog on Flipkart announcing the change in management structure.

As Executive Chairman of Flipkart, Sachin will provide strategic direction and mentor the senior leadership team, and look for new investment opportunities. Sachin will continue to be the Chairman of the Board, Flipkart said, adding that he will play an active role in championing the Indian e-commerce sector and building the internet ecosystem.

Mukesh Bansal will continue to be the Head of Commerce Platform, Flipkart's core business, and will have additional responsibility of the ads business. Mukesh will also continue in his role as Chairman of Myntra, the company said.

Meanwhile Flipkart's competitor, Snapdeal has seen a couple of high-profile exits from its management team. Srinivas Murthy, Senior Vice President of Marketing has reportedly resigned to start his own venture, while Ranjan Kant, Head of Strategy at Snapdeal has joined as Chief Marketplace Officer at Jabong.