Myntra CEO quits, Flipkart veteran to take over

BENGALURU: CEO of Myntra-Jabong Ananth Narayanan has resigned, the Walmart-owned Flipkart said on Monday. Amar Nagaram, a veteran at the homegrown ecommerce giant and who had moved to Myntra last month, has been named as the head of both the fashion-focused e-tailers.
TOI first reported in November that Narayanan had put in his papers, following the abrupt exit of Flipkart co-founder Binny Bansal - a development that triggered a major reorganisation across the Indian e-commerce group.Myntra and Jabong were rolled into the responsibilities of Flipkart CEO Kalyan Krishnamurthy, and Narayanan had to report to the former Tiger Global executive.
Narayanan joined Myntra as CEO in July 2015, taking over from co-founder Mukesh Bansal who was leaving to start another venture. Narayanan came to Myntra from consultancy firm McKinsey & Co, where he had spent 15 years. At Myntra, he tried to scale the private label business with brands like Roadster, and also pushed the company's foray into brick-and-mortar stores.
"Ananth has played an important role in making Myntra and Jabong into a formidable player in the fashion e-commerce market and steering the company towards sustainable growth," said Flipkart. Narayanan, sources said, will get to cash out at least part of his employee stock options (ESOPs).