Myntra is in the middle of a management shakeup after key leaders resign in succession

(Photo Source: Rediff)

• Myntra is seeing a management shakeup with key leaders including its head resigning from their respective posts.
  
• The online fashion retailer’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his role in the company, Mint reported on Monday.
  
• Other top-notch officials including Mithun Sundar, the company’s Chief Revenue Officer (CRO) and Manpreet Ratia, who heads Human Resource for the company, have also resigned from their posts.
  
• Overall Flipkart has fired nearly 200 employees from its fashion units, Myntra and Jabong, but has been trying to hold onto their employees and executives via retention packages, according to media reports.

Just weeks after Binny Bansal’s controversial resignation as Flipkart Group’s CEO last month, its subsidiary, Myntra, is seeing a management shakeup of sorts with key leaders resigning from their respective posts.

Most recently, the online fashion retailer’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his role in the company as per a Mint report.

Other top-notch officials including Mithun Sundar, their Chief Revenue Officer (CRO), and Manpreet Ratia, who heads Human Resources for the company, have also resigned from their posts.

The post for company’s CEO will be abolished entirely after Narayanan’s resignation, while Flipkart’s executive Amar Nagaram may end up leading Myntra, according to the report.

Myntra’s workforce is also reportedly seeing a reshuffle as the company and the subsidiary have been aggressively firing employees. So far, Flipkart has fired nearly 200 employees from its fashion units — Myntra and Jabong.

With Flipkart recently announcing Jabong’s assimilation with Myntra across verticals, more firings are expected to take place.

On the other hand, the fashion retailer is also seeking to hold onto other employees and executives via retention packages that include incentives for the employees aside from their regular salary.

Walmart acquired Flipkart earlier this year for $16 billion. With the retailing giant’s backing, Flipkart has been competing neck and neck with Amazon.

See also:
Has Amazon overtaken Flipkart? New numbers reopen the debate

Walmart may have plans to merge fashion brands under Flipkart — But Myntra’s CEO isn’t going anywhere

‘Allegations left me stunned’: Flipkart’s Binny Bansal resigns denying claims of ‘personal misconduct’