Anand Daniel, Partner at Accel and Sumer Juneja, Managing Partner and Head of EMEA & India at SoftBank Investment Advisers, have given up their board seats at Swiggy, the company informed the stock exchanges on July 25, marking the third board exit at the food delivery and quick commerce platform, after Delhivery’s Sahil Barua also gave up his board earlier this year.
While Juneja is leaving "due to other pre-occupations and professional commitments" Daniel was giving up his board seat "due to other professional commitments" Swiggy said in its notice to the stock exchanges.
Barua had left “due to increased work commitment.”
Non-independent directors Sumer Juneja and Anand Daniel are stepping back from board representation following a period of significant progress and value-creation at Swiggy. This transition reflects their confidence in the company’s strategic direction, executive leadership, and governance framework, the company said.
To be sure, SoftBank typically gives up its board seat in most of its portflio companies in the run up to their IPO or shortly after, including Meesho, Paytm, PB Fintech and others.
Swiggy also announced that it has appointed Faraz Khalid, CEO of Noon - one of Middle East’s leading consumer commerce platforms - as an independent director on its board. Noon has evolved into an e-commerce, quick commerce and food delivery platform, which will align with Swiggy's business plans.
Sriharsha Majety, Founder and Group CEO of Swiggy, said "Faraz is among the most visionary leaders in e-commerce, bringing extensive expertise in integrating advanced technology, scaling operations, and delivering superior customer experiences."
"With his joining our board, our independent directors (led by our chairperson) represent four pillars of strategic governance. They bring a wide array of experience across established companies and startups, and marry business and financial acumen with fiduciary expertise. We are confident that their foresight and diversity shall be vital in guiding Swiggy on its next leg of growth."
Swiggy's shares were down 2.68 percent at the end of the day's session on July 25 to change hands at Rs 407.80 apiece.
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