Myntra abolishes CEO’s post as Narayanan quits

BENGALURU: Online retailer Flipkart on Monday announced the exit of Myntra chief executive officer (CEO) Ananth Narayanan, the last to hold that title at the fashion unit.

In an internal email, the Flipkart board named Amar Nagaram the new head of Myntra reporting to Flipkart CEO Kalyan Krishnamurthy, practically abolishing the CEO post at Myntra.

“We would like to share with you that Ananth Narayanan has decided to step down as CEO of Myntra and Jabong to pursue external opportunities. Amar Nagaram will be the new lead as head, Myntra and Jabong,” said the email sent to employees, a copy of which was seen by Mint.

Nagaram will lead the Myntra-Jabong business, reporting directly to Flipkart CEO Kalyan Krishnamurthy. He had earlier been designated as the chief product and technology officer of Myntra in December, after he was moved to the fashion retailer from Flipkart.

Mint had first reported on December 10 that Myntra was planning to abolish the CEO post, after Narayanan quietly put in his papers and that Flipkart was planning to name Amar Nagaram as the new head of the online fashion retailer.

“Under (Ananth’s) leadership, the company has had many firsts for the industry—from the extensive usage of technology to enhance customer experience to innovative business model partnerships in working with brands. He and the team have also built a very successful private brand business and have also created several industry shaping events,” Flipkart said in the mail.

Narayanan, who joined Myntra in July 2015 is expected to receive a generous payout, that includes employee stock options worth several millions of dollars.