Myntra.com hunts for new CEO after Mukesh Bansal's move to parent company Flipkart
NEW DELHI:Myntra.comwill look for a new chief executive officer to take the place of Mukesh Bansal, who has moved to a larger role at parent companyFlipkartand is busy with taking the country's largest ecommerce firm to the next level, two people familiar with the matter said.
"WithMukesh Bansalfully involved with Flipkart, Myntra is looking for a CEO," one of the people said. Myntra, the country's largest online fashion retailer, is looking for overseas candidates with proven Internet background and experience of setting up businesses of scale, said the people, who asked not to be identified.
"They're looking at global candidates as talent at the CEO level is hard to find in India," the person said. "They're in a position to offer competitive salaries with equity, so it shouldn't be hard to get global candidates." "We are not in the process of hiring for the position of CEO," said a Myntra spokesperson.
In May last year, Flipkart acquired Myntra for about $300 million in the largest consolidation move in India's online retailing sector. Myntra remains a separate entity and after shutting down its website, operates only through mobile apps.
Less than a year after being acquired, Bansal, who founded Myntra in 2007 with two others, moved to parent Flipkart to oversee the ecommerce platforms, retailing, buying and merchandising, among other verticals, for both Flipkart and Myntra.
"So in terms of business, he controls 100 per cent and his plate is full so they need a CEO," the second person said. A new CEO has become crucial for Myntra, especially since the company is looking at turning profitable in the second half of 2016.
The person cited first said Bansal met potential candidates for the position on a recent trip to the US. The person added that leadership hiring is being ramped up at both Flipkart and Myntra and the parent company is looking at getting top executives on board as well.