Myntra chief Ananth Narayanan resigns, company may abolish CEO post

Myntra’s Chief Executive Officer (CEO) Ananth Narayanan resigned from the role even as the position is set to be abolished, sources said as reported by LiveMint. Flipkart executive Amar Nagaram would head Myntra now. Citing three unnamed people, the report said that the Walmart-owned Flipkart is also looking to abolish Myntra CEO post after Narayanan's exit. It is pertinent to mention that Narayanan's resignation came weeks after he had said that he had 'no reason to quit'. Key Myntra leaders such as chief revenue officer Mithun Sundar, who took charge in April, and human resources head Manpreet Ratia, who also oversaw operations, supply chain and customer experience at Myntra, have also resigned, the report claimed. 

Flipkart, on the other hand, also attempted to retain key personnel at Myntra, offering retention bonuses and packages to 50-75 key executives and employees, the people cited above said, requesting anonymity. The retention packages have, however, not been offered to those at the senior vice-president level, they added.

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Another key Myntra leader, Manohar Kamath, who joined the online fashion retailer from Shoppers Stop in 2016, has been moved to Flipkart’s fashion unit, where he will report to Flipkart fashion head Rishi Vasudev.  As many as 150-200 people have already been laid off across Myntra and Jabong, another fresh round of layoffs is expected over the coming weeks, the sources said.

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In the recent past, Flipkart's CEO Binny Bansal had quit after allegations of personal misconduct. Bansal had resigned following an internal probe into accusations of "serious personal misconduct. The misconduct accusations followed an allegation of sexual assault, two people familiar with the matter said.