Flipkart ex CEO Sachin Bansal says he was replaced due to performance

Sachin Bansal Binny Bansal Flipkart

On January Flipkart’s co founder Sachin Bansal was replaced as CEO in January by Binny Bansal, who was promoted from Chief Operating Officer to head the company. Both the Bansals, who are not related, are former employees of Amazon.

‘Flipkart Co-Founder Sachin Bansal at a town hall meeting on Friday said every employee is treated with the same yardstick, and cited his performance as the reason for his being removed from the post of CEO in January this year.

“Just look at who was at management six months ago, one year ago, and who is management today. It’s completely changed. Right? Yeah, I mean, nobody is here. I have changed. I was the CEO and I have changed. It was performance linked,” said Sachin Bansal, while speaking to employees at a townhall meeting on Friday.

Binny Bansal and human resources head Nitin Seth were also present at the meeting held at Flipkart’s swanky 2 million-sq.ft. campus, Cessna Business Park, that was opened about a year ago.

About 200 employees had gathered for the evening meeting, a monthly event that allows employees to send questions anonymously and have the most-voted questions addressed by the top management.

The August 19 meeting was the first to be held after Flipkart recently asked 700-1,000 employees to resign.

In February, Flipkart’s rival, Snapdeal, had also placed about 200 of its employees on a ‘performance improvement’ notice under which they needed to improve within a month or get terminated. The e-commerce marketplace has been witnessing stagnating growth following intense competition from global rival Amazon over the past year and a half.

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