The reorganization of the board of directors was announced to employees by company mail sent by CEO Kalyan Krishnamurthy. The email stated by the CEO - "I wanted to let you know that this new year will see some changes to our board as a number of our current directors will be stepping down after steering us through the first two years following Walmart’s investment."
The new board of directors includes HDFC CEO Keki Mistry, Walmart’s Global Chief Technology Officer Suresh Kumar, and Walmart’s Executive Vice President for international strategy and development, Leigh Hopkins. The Existing CEO Kalyan Krishnamurthy will also be a part of the board of directors at Flipkart.
The group of directors existing on the board will be Steuart Walton, grandson of Walmart founder Sam Walton, Dirk Van den Berghe, EVP at Walmart Asia; Rajesh Magow, Co-founder at Makemytrip and independent director Rohit Bhagat according to the reports of The Economic Times.
The massive reorganization of the board of directors comes for the first time after the two years of acquisition by Walmart for $16 billion. The US-based retail corporation Walmart with a stake of 77% in Flipkart maintains the highest stake along with China’s Tencent, Accel Partners, and Microsoft Corp. The coronavirus pandemic has made the e-commerce giants more relevant in the current market.
Many e-commerce giants boosted their companies valuations in the pandemic ridden world. Thus, super e-commerce giants like Amazon, Flipkart, and Reliance Industries, Jio mart has been competing to take over the Indian market by storm.