Indian e-commerce giant Flipkart on Monday announced that co-founder Binny Bansal will replace Sachin Bansal as the chief executive of the company.
Sachin Bansal, also the co-founder of the company, stepped down from the post.
"Sachin Bansal, CEO and co-founder of Flipkart will be the executive chairman of the company and Binny Bansal, COO and co-founder of Flipkart will be the chief executive officer," the company said in a statement.
As Flipkart's executive chairman, Sachin Bansal will provide strategic direction to the company and mentor the senior leadership.
Also continuing to be the chairman of the board, Sachin Bansal will look out for new investment opportunities, champion Indian e-commerce sector and represent Flipkart in external forums, the statement added.