Ananth Narayanan, Chief executive officer of Myntra-Jabong, has decided to step down from his position almost two months after group CEO Binny Bansal exited the firm. He will be replaced by Amar Nagaram, who will report to Kalyan Krishnamurthy, CEO of Flipkart Group, the company said in a statement on January 14.
Moneycontrol had first reported about Narayanan's likely exit from the company in November.
Nagaram, who recently moved to Myntra from Flipkart, has been with the Group for around seven years. He has also worked on the mobile web segment of the group.
"After 3.5 years, I have decided to move on from Myntra, Jabong to focus on the next phase of my entrepreneurial journey. I am most proud of our people and our culture-built on a unique set of values that make us truly distinctive," Narayanan tweeted.
Flipkart had constituted a new company structure implemented in November soon after Bansal's exit. Narayanan was made to report to Flipkart's Chief Executive Officer Kalyan Krishnamurthy then.
Talks of his exit was doing the rounds since then.
According to a source, Narayanan was in talks with Walmart for an accelerated vesting of his stocks. However, it seems that the same hasn't happened. Both Narayanan and Flipkart didn't immediately respond to Moneycontrol's query.
The conflict of interest arose from the fact that Flipkart already had its own fashion vertical -- Flipkart Fashion -- which was headed by Rishi Vasudev.
Vasudev runs Flipkart Fashion and there have always been differences between the two entities because of preferential treatment being given to one and not the other.
"This seemed like the end of the road for him," said a source requesting anonymity.
"Ananth has played an important role in making Myntra and Jabong into a formidable player in the fashion e-commerce market and steering the company towards sustainable growth. Over the last three and a half years, he and the management team have built a strong foundation for the company which has become known for its innovative approach to business and building a unique culture of fashion and technology that has helped create a differentiated positioning for the business," the company said in a statement.
"Myntra and Jabong are an important part of the Flipkart group serving our valuable customers. The company will continue to execute the growth strategy and leverage synergies with Flipkart as appropriate. The strong bench strength and new leadership at Myntra and Jabong will allow the business to continue on its strong and sustainable growth trajectory," it added.
Bansal had resigned in November after an independent probe into an allegation of serious personal misconduct.
While Walmart did not specify the exact nature of the charges against Bansal, a top source told Moneycontrol that the development pertains to a complaint from a female colleague.