Flipkart’s Sachin Bansal reveals he was replaced due to performance
Advertisement
Advertisement
During the monthly Friday meeting, Bansal said admitted even he was replaced, cooling down employees who questioned why they had to pay the price for management decisions.
Bansal was replaced as CEO by co-founder
"Look at the top level around you. Everyone has changed. In fact, even I am gone. Some of our targets have been missed and everyone, including the top management, has paid the price,” said Sachin Bansal during the Friday meeting.
Flipkart received a string of bad news recently such as valuation markdowns, high-level exits, rising competition with
Advertisement
"At Flipkart, we have an open and transparent culture. The town hall that we conduct regularly, is one of the pillars of this culture of openness.....While the performance management philosophy was part of the last town hall discussion, an overwhelming majority of the time was spent on discussing the great strides that Flipkart had made in its business performance," a Flipkart spokesman told ET.
As soon as Bansal made the disclosure, nearly 200 employees applauded his revelation.
So far, Flipkart saw many top level exits such as Myntra founder
Advertisement
- CEO says he tried to hire an AI researcher from Meta, and was told to 'come back to me when you have 10,000 H100 GPUs'
- We bought a house in Japan for $30,000. We'll have more land than we could afford in the US, and our kids will be more independent.
- Rumors Prince William is having an affair with Rose Hanbury are flooding social media again after Stephen Colbert waded into 'Katespiracy'
- Electrifying auto market: Planning to buy an EV, compare their price with petrol, diesel and CNG variants
- Bank of Japan ends decades-long negative interest policy
- Realme Narzo 70 Pro with Dimensity 7050, 5,000mAh battery launched in India
- Popular Vehicles shares make weak market debut; decline nearly 2% in opening trade
- TCS shares tank over 3% after Tata Sons divests 0.65% stake