In a recent event, e-commerce giant witnessed another high-level exit as Flipkart’s Chief Financial Officer (CFO) Sanjay Baweja resigns from his post. He is one of those higher officials who comes in the list of latest quitting.
Earlier, the company sacked as many as 700 to 1000 employees as a part of the cost-cutting drive. Moreover, the recent resignation of the higher official comes during the festive season which is considered as a crucial time for the e-commerce portal. In the midst of hiring and firing, the giant is also in talks with collaborating with US retail giants WalMart Stores Inc. so as to raise around 1 billion USD.
The position is yet to be filled in; Sanjay Baweja joined Flipkart in 2014 after quitting from Tata Communications. Apart from the resignation of CFO, the list has many such names like the head of Commerce and Advertising business Mukesh Bansal, Chief Business Officer Ankit Nagori, etc. Nagori joined a firm in sports segment of which Co-Founders of Flipkart were first investors.
As of now, Kalyan Krishnamurthy, head of category management at Flipkart and MD in Tiger Global Management would play as the interim CFO. The firm is facing tough competition from US-based Amazon who has been expanding its business in the Asian market in a massive way. The company is eyeing on more profitability hence narrowing its revenue gap through its parent capitalists.
The resignation started with the papers putting down of Mukesh Bansal and Ankit Nagori which also opened the door for major level recruit of Punit Soni, former Google executive, as Chief Product Officer followed by greeting back Krishnamurthy who rejoined Flipkart in June so as to beef up the major sales events, thus acting as interim CFO in Flipkart, at present.