Flipkart CEO Kalyan Krishnamurthy denies exit

New Delhi, Apr 19 (IANS): Flipkart CEO Kalyan Krishnamurthy has denied reports that he is going to quit the e-commerce company and a formal announcement on a new CEO is likely in June during the Walmart shareholders' meeting.

In a statement to Inc42, Krishnamurthy said reports making the rounds about his exit from the company are "baseless".

"I am at Flipkart for the long term and fully committed to the company and Walmart-Flipkart partnership. As we called out it's a baseless story," he was quoted as saying.

In May last year, Walmart bought 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 1,16,256 crore).

The American retail giant and its Indian e-tail major are betting big on India despite the revised norms for Foreign Direct Investment (FDI) in e-commerce.

American investment bank Morgan Stanley in a report claimed that Walmart might exit the country after the new FDI norms in e-commerce came into force on February 1.

Walmart CEO Doug McMillon along with senior company leaders visited Bengaluru this week, saying the retail firm is committed to the Indian market.

Commending Krishnamurthy, McMillon also addressed employees in a townhall-style meeting.

McMillon visited India at a time when Reliance Industries Chairman and Managing Director Mukesh Ambani has announced plans to launch a new e-commerce platform.

Emphasising that Reliance would double its investment and employment numbers over the next decade, Mukesh Ambani said at the "Vibrant Gujarat Global Summit 2019" in January that Reliance Jio and Reliance Retail would soon launch a new commerce platform for small retailers -- a mega mission which will first be launched in Gujarat and then across the country.


Leave a Comment

Title : Flipkart CEO Kalyan Krishnamurthy denies exit


You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.

Security Validation

Enter the characters in the image