Flipkart announces major reshuffle in its board

The much-awaited Flipkart IPO (initial public offering) could be out soon as the online retailer has announced major reshuffle in its board ahead of its plan to list its shares by next year.

Flipkart group CEO Kalyan Krishnamurthy will take over as director to the company's board along with HDFC CEO Keki Mistry, Walmart's global Chief Technology Officer and Chief Development Officer Suresh Kumar and Walmart's Executive Vice-President for international strategy and development, Leigh Hopkins. The reshuffle in the board of Flipkart will be effective from next year.

"I am also honoured to have been invited to join the Board from next year, and along with both the existing and new directors, look forward to supporting Flipkart's next steps and growth journey," said Krishnamurthy, in a message.  

Meanwhile it is being said that US-based Walmart (promoter of Flipkart) will retain three seats on e-tailer's board following the reshuffle. While Walmart International President and CEO Judith McKenna will remain chairperson, Flipkart co-founder Binny Bansal and former Tiger Global executive, Lee Fixel will also retain board seats.

The members who will step down from the board of Flipkart are Steuart Walton, grandson of Walmart founder Sam Walton; Dirk Van den Berghe, EVP at Walmart Asia; Rajesh Magow, co-founder and CEO of Makemytrip; and independent director Rohit Bhagat.

Rajesh Magow will now take on an advisory role, while Rohit Bhagat will become the Chair of the PhonePe board.

The development has come weeks after Walmart reportedly hired Goldman Sachs to assist with the listing of Flipkart in the US. The American retail player is mulling to divest around 25 per cent of its stake in Flipkart.