Flipkart to shuffle its board ahead of IPO in 2021
Online retail giant Flipkart has made changes to its board as it prepares to go public next year.
Group CEO Kalyan Krishnamurthy will join the board with three executives namely HDFC’s Keki Mistry, Walmart’s global CTO Suresh Kumar and Walmart’s Executive VP for international strategy and development Leigh Hopkins, as per an ET report.
The four members are set to replace existing board members Steuart Walton, Dirk Van Den Berghe, Rajesh Magow, and Rohit Bhagat. Out of them, Bhagat, sole director at Flipkart, has gone to PhonePe’s board as the chairperson.
The news about Krishnamurthy entering the board was speculated in 2019 and he formally informed the employees about the reshuffling through email.
Walmart, that has 82.3 per cent stake in the e-commerce startup will retain its three seats in the board, along with CEO and President of Walmart International Judith McKenna, Flipkart's co-founder Binny Bansal and former Tiger Global executive Lee Fixel.
The news comes after Flipkart separated from PhonePe. Bansal along with Bhagat will join Sameer Nigam and Rahul Chari as board members of PhonePe.