Myntra chief Ananth Narayanan resigns from his post; Firm may dissolve CEO position

The senior leadership of one of India’s most preferred shopping portal Myntra is undergoing a massive crisis as it has witnessed several major exits over the recent past.

New Delhi: The senior leadership of one of India’s most preferred shopping portal Myntra is undergoing a massive crisis as it has witnessed several major exits over the recent past. And this time, it is even more severe as company's Chief Executive Officer (CEO) Ananth Narayanan has put down his papers. In a recent report by LiveMint, Narayanan has resigned from his post as CEO and Flipkart's Amar Nagaram is set to head the unit. Myntra was acquired by Walmart-owned e-commerce major Flipkart in 2014. The reports also suggest that post Narayanan’s resignation Flipkart is planning to abolish the CEO post from Myntra. The report also claims that the company’s chief revenue officer, Mithun Sundar, and human resources head Manpreet Ratia have also put down their papers.

Narayanan’s resignation comes weeks after he told news agency Reuters that he would continue to lead operations following a reshuffle in the ranks after the departure of Flipkart group CEO Binny Bansal. However, there has been no official announcement from the company about the recent exits.

The online fashion portal has been going through some major reshuffles over the past few months. According to reports, Myntra’s Chief Technology Officer (CTO) Jeyandran Venugopal has moved to Flipkart to head its engineering division and Flipkart's mobile category head Ayyappan R was appointed to lead category management at Myntra.

The exit crisis in Myntra is not only limited to executive level as the company’s laid off as many as 150-200 employees along with Jabong. There are also rumours that Myntra’s sister portal Jabong might close down permanently in the days to come.

In May this year, American retail giant Walmart acquired 77 per cent stake in Flipkart for about $16 billion, in its biggest acquisition till date. Flipkart co-founder Sachin Bansal stepped down from his post from the Bengaluru-based company after the Walmart deal was finalised. Even Binny Bansal, the other co-founder, had to quit last month after accusations of personal misconduct surfaced against him.