Sachin Bansal was removed from post because of performance
Bansal made the disclosure at the town-hall meeting on Friday when questioned by employees for being laid off.
- Aug 22, 2016,
- Updated Aug 8, 2018 5:59 PM IST
Co-Founder of Flipkart, Sachin Bansal has releaved that he was removed from the post of CEO because of 'performance' issues.
Bansal made the disclosure at the town-hall meeting on Friday when questioned by employees for being laid off.
Bansal assured that the company reviewed all its employees by the same standards after Flipkart said that it was laying off atleast 300 people who were non-performers last month.
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"Look at the top level around you. Everyone has changed. In fact, even I am gone," Sachin Bansal said at the meeting. "Some of our targets have been missed and everyone, including the top management, has paid the price."
Saching Bansal was replaced as CEO in January by Binny Bansal, who was promoted from Chief Operating Officer to head the company.
India's largest e-commerce store have been hit hard by valuation markdowns by mutual funds, managerial exits and decrease in work force amid the on-going competition with Amazon.
Co-Founder of Flipkart, Sachin Bansal has releaved that he was removed from the post of CEO because of 'performance' issues.
Bansal made the disclosure at the town-hall meeting on Friday when questioned by employees for being laid off.
Bansal assured that the company reviewed all its employees by the same standards after Flipkart said that it was laying off atleast 300 people who were non-performers last month.
ALSO READ: Offline rage against big online rebates
"Look at the top level around you. Everyone has changed. In fact, even I am gone," Sachin Bansal said at the meeting. "Some of our targets have been missed and everyone, including the top management, has paid the price."
Saching Bansal was replaced as CEO in January by Binny Bansal, who was promoted from Chief Operating Officer to head the company.
India's largest e-commerce store have been hit hard by valuation markdowns by mutual funds, managerial exits and decrease in work force amid the on-going competition with Amazon.