Walmart-owned Flipkart restructures company board before IPO; CEO Krishnamurthy, Keki Mistry, Suresh Kumar, and Le Hopkins included

By Anuj Kumar -
Walmart-owned Flipkart restructures company board before IPO; CEO Krishnamurthy, Keki Mistry, Suresh Kumar, and Le Hopkins included

Flipkart Board In the year 2018, Walmart Inc. invested $ 16 billion to acquire a 77% stake in Flipkart. This year too, a $ 1.2 billion investment led by the company came to Flipkart. (Photo credit: Flipkart)

Walmart-owned Flipkart has restructured the company's board. The new board includes Flipkart Group CEO Kalyan Krishnamurthy and HDFC Vice Chairman and CEO Keki Mistry and two others. The board has been restructured prior to the company's public listing. Krishnamurthy has informed the employees of the company in an email that in the new year there will be some changes in the board of the company. Four current directors of the company will step down, who operated the company for the first two years following Walmart's investment. They include Rajesh Mago, Rohit Bhagat, Stuart Walton, and Dirk van den Berghi.

He has said, "We are sad that these four are leaving their posts but are happy that we will not have to say goodbye to any of them: Rajesh and Dirk will continue to advise us, from the board of Stuart Walmart Will continue sponsoring us. At the same time, Rohit will lead the PhonePe Board.

Flipkart has confirmed these changes

He said four new directors would join the board from next year. These will include Krishnamurthy and Mistry, along with two new directors from Walmart, Suresh Kumar, and Le Hopkins.

Kumar is the Global Chief Technology Officer of Walmart. Apart from this, he also has the responsibility of Chief Development Officer. On the other hand, Hopkins is the executive vice president of strategy and development affairs at Walmart International.

In the year 2018, Walmart Inc. invested $ 16 billion to acquire Flipkart's 77 percent stake. This year too, a $ 1.2 billion investment led by the company came to Flipkart.

In the same month, Flipkart announced to make its digital payment unit Phone Pay a partially separate entity.

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