Flipkart rejigs get on board before the IPO plan

New Delhi: Flipkart Group, the Walmart-backed e-commerce giant, renewed its board before its plans to go public. Kalyan Krishnamurthy, CEO of Flipkart Group, will join the board from next year along with other new directors, such as, Keki Mistry, VC and CEO of HDFC, two Walmart directors – global CTO and chief development officer Suresh Kumar, and Leigh Hopkins, executive vice president of strategy and development at Walmart International.
People close to Flipkart have shrugged off development as a routine, but sources said this could be a preparation for the digital retailer’s much-publicized IPO, which is expected to happen within two years. Steuart Walton, grandson of Walmart founder Sam Walton; Dirk Van den Berghe, EVP at Walmart Asia; Rajesh Magow, co-founder of MakeMyTrip; is independent director Rohit Bhagat will leave the board, according to a Flipkart communication to its employees this week.
While Judith McKenna, president and CEO of Walmart International, will retain her position as chairman of the board, US investor and former Tiger Global executive Lee Fixel and Flipkart co-founder Binny Bansal will remain on board.
The move, which comes days after Flipkart went haywire PhonePe, will see Magow take on an advisory role, while Bhagat will take on responsibilities as PhonePe’s board chairman.