E-Commerce giant Flipkart has announced
that co-founder Binny Bansal will replace Sachin Bansal as the chief
executive of the company. Sachin Bansal who is the CEO and co-founder
was given the post of executive chairman of the company.
The
reason why Sachin stepped down from the post is unknown. The company
made an official press statement with respect to this issue. The
statement reads, "Sachin Bansal, CEO and co-founder of Flipkart will be
the executive chairman of the company and Binny Bansal, COO and
co-founder of Flipkart will be the chief executive officer."
It
was said that the company needs some one to provide strategic direction
to the company and mentor senior leadership. He will also continue to
be the chairman of the board. Inside source said that Sachin is looking
for some new investment opportunities and he is planning to take
Flipkart in external forums.
Another source said that Flipkart is facing tough competition from other e-commerce giants who are leading the race.