Friday 6 September 2019

Flipkart makes space at top, picks 5 Vice Presidents

Flipkart makes space at top, picks 5 Vice PresidentsBENGALURU: Online retailer Flipkart has promoted five executives across businesses as vice presidents, according to an internal email sent by group chief executive Kalyan Krishnamurthy to employees. ET has a copy of the email.

The newly appointed VPs include Chanakya Gupta, head of 2GUD; Saurabh Tandon from engineering; Nishit Garg, who manages a few categories; Nandita Sinha, who leads Big Billion Days (BBD) planning, and Regunath B, who heads BBD tech architecture.

“These leaders have an outstanding track record of delivering impact and creating long-term value for Flipkart; and truly exemplify our core values,” Krishnamurthy said in the email.

The promotions come ahead of Flipkart’s flagship sale, The Big Billion Days.

Sources in the know said Flipkart plans to hit $3 billion in sales this festive season, ET reported on September 4. “This is the first round of letters issued to senior directors. Over the next two weeks, the company will continue to issue promotion letters across levels along with additional Esops (Employee Stock Ownership Plans),” said a company executive requesting anonymity.

Flipkart conducts a bi-annual performance assessment in June and December. When contacted, a Flipkart spokesperson did not respond till the time of going to print.

Flipkart makes space at top, picks 5 Vice Presidents
The announcement comes less than a week after Krishnamurthy told employees that the company board had received approval to offer current employees a chance to cash out 10% of their vested stock options at $125-130 apiece.

Flipkart’s stock options are granted over a four-year period, with employees vesting them every month after a one-year minimum threshold.

In May, ET reported that Flipkart disbursed a fresh set of Esops worth $100 million to senior and mid-level staff as part of the e-commerce company’s efforts to retain key talent a year into Walmart buying a majority stake.

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