Amar Nagaram, head of consumer shopping experience at Flipkart, has been moved to fashion portal Myntra in a newly-created role of chief technology and product officer (CTPO), while Myntra’s chief technology officer (CTO) Jeyandran Venugopal has moved to Flipkart to head its engineering division, two sources familiar with the development told ET.
Earlier, Flipkart’s mobile category head Ayyappan R was appointed to lead category management at Myntra. Both Nagaram and Ayyappan are considered to be close aides of Krishnamurthy.
A Flipkart spokesperson would not confirm the appointments, saying, “We don’t comment on speculation.”
Nagaram may eventually head Myntra, people privy to the people development told ET. Ananth Narayanan, a former McKinsey executive who joined Myntra as CEO in July 2015, is expected to step down from the company by January or February, they said.
“Krishnamurthy isn’t looking to get a CEO to replace Narayanan right away, as most of the tech and engineering at Myntra is aligning with Flipkart,” said one of the persons cited earlier. “Nagaram has been working closely with him. This will be a new and elevated role for Nagaram. It would also mean tighter control that Krishnamurthy will have on Myntra’s operations,” the person said.
Another person close to the company said Narayanan is presently in negotiations to arrive at the terms and conditions under which he would leave. “Narayanan is entitled to $20-25 million of stock options, but Walmart isn’t in agreement of a full cash out for his Esops,” the person told ET.
While speculation has been rife about Narayanan’s departure, which ET reported earlier, he has denied the news.
Nagaram has worked at Flipkart for about seven years, joining as an engineering manager in 2012 and taking on different roles, more recently as vice president heading consumer shopping experience. Before joining Flipkart he was with Walmart Labs.
Last month, Walmart had merged the two fashion businesses of the Flipkart Group — Myntra and Jabong — and within days Myntra said all Jabong’s functions will be integrated with itself. This combined entity, Walmart had said, would come under the direct control of Krishnamurthy.
ET had reported last month that the merger would lead to downsizing of Jabong’s 400-member team by almost 50%.
For now, Walmart isn’t looking to make drastic job cuts at Myntra, which employs 1,500-1,800 people, people familiar with the matter said. But the thinking is to draw synergies between the two companies which hadn’t happened in the past years. This is likely to come in the areas of sourcing products together from various fashion labels and merchants, which till now was done separately by both the Myntra and Flipkart teams.