Flipkart has rejigged its board, CEO Kalyan Krishnamurthy told employees in an email on Thursday. HDFC CEO and Vice-Chairman Keki Mistry has joined the e-commerce giant’s board, along with Krishnamurthy himself. Walmart’s Chief Technology Officer Suresh Kumar and Walmart Executive VP of Strategy and Development Leigh Hopkins also join the Board.
Some members of the Board will also be stepping down. These include MakeMyTrip’s founder and CEO Rajesh Magow who will take on an advisory role, and Rohit Bhagat, who will now chair the Board of the new partially spun-off payments arm PhonePe.
“Because of PhonePe's significant scale and growth potential, we have requested Rohit to entirely focus on this role and step off the Flipkart board. Rohit's deep expertise in fintech, as well as his operating experience and strategic acumen, have made him an extremely valuable voice on the Flipkart board, and we look forward to him bringing that same expertise to PhonePe,” the email read.
Steuart Walton, who was on the Board of both Flipkart and its parent company Walmart, will also be stepping down. “Steuart has combined his Flipkart duties, with those of being a Walmart Director, and he is stepping down from the Flipkart board to be able to focus more on these, including his role as Chair of the Walmart board's Tech Committee which will mean that he will continue to be able to be an active sponsor for Flipkart,” the CEO’s email read.
Dirk van den Berghe, who is retiring in March 2021 from his role as Executive Vice President for Walmart's Asia businesses and global sourcing, will also be leaving the Flipkart board.
“We are sad to see all four step down, but delighted that we will not have to say goodbye to any of them; Rajesh and Dirk will continue to support us in an advisory capacity, Steuart will continue to sponsor us from the Walmart board, and Rohit will be Chairing the PhonePe board,” Krishnamurthy wrote.
Flipkart is currently preparing for an IPO, and has reportedly already roped in investment bankers for a public issue, possibly abroad.