Flipkart-owned Myntra’s chief executive officer Ananth Narayanan has stepped down from his position to pursue ‘external opportunities’. Myntra has now appointed Amar Nagaram as Head, Myntra and Jabong, and he will report to Flipkart Group CEO Kalyan Krishnamurthy.
According to a statement from the company, Amar, who recently moved to Myntra from Flipkart, has been with the group for around seven years and has played a pivotal role in improving the shopping experience across devices. He has also led the efforts on revisiting the boundaries of mobile web, making the experience on it as good as native.
“The Flipkart Board of Directors and Kalyan Krishnamurthy, CEO Flipkart Group would like to thank Ananth for his contributions and wish him the very best for his future endeavors,” Myntra said in a statement.
Myntra’s new CEO Ananth, along with the management team has built a strong foundation for the company which has become known for its innovative approach to business and building a unique culture of fashion and technology that has helped create a differentiated positioning for the business.
The company further added that both Myntra and Jabong will continue to execute the growth strategy and leverage synergies with Flipkart as appropriate.
There have been speculations of Narayanan’s exit ever since Binny Bansal quit the company and the group company underwent restructuring. According to a Mint report, other top execs such as chief revenue officer Mithun Sundar, human resources head Manpreet Ratia also resigned from the fashion e-tailer.
There are now reports that as Narayanan moves on, he may either be taking up the role of India head of the entertainment major Star Group’s Hotstar or move to the US and go back to McKinsey as a consultant. McKinsey is where he has spent a large part of his career so far.
According to an Economic Times report, an issue that Ananth Narayanan is trying to sort out with the new management is the release the amounts due to him from Flipkart. There are stock options he is holding which is worth as much as $25 million. But it is said Walmart is not inclined to let him have the whole amount in the form of a cash settlement in one go.
With inputs from M Devan