Flipkart Gets New CEO As Binny Bansal Takes Over As Group Chief Executive

In a restructuring move, India's e-commerce giant Flipkart has replaced co-founder Binny Bansal as Chief Executive Officer with Kalyan Krishnamurthy.

Mr Bansal, however, will take over the newly created position of Group CEO.

The restructuring comes nearly a year after Mr Bansal took over as CEO from co-founder Sachin Bansal, who had then taken over as Executive Chairman.

Prior to being Flipkart CEO, Binny Bansal was serving as the company's Chief Operating Officer.

Co-founders Sachin and Binny Bansal were jointly named "Asian of the Year 2016' by a Singapore-based newspaper in December.

"It validates our commitment to creating a world-class internet company that is transforming the lives of Indians by making a high quality lifestyle affordable to them," the company had said in a statement. 

Mr Krishnamurthy is a former executive at hedge-fund company Tiger Global. He joined Flipkart in June, 2016, as head of its commerce unit.

(with inputs from Agencies)