Flipkart co-founder Sachin Bansal recently made a shocking confession at a monthly townhall meeting with the employees in Bengaluru.
Bansal while addressing the employees’ questioning on why they had to pay the price for failures on part of the management, confessed that he too was replaced as the chief-executive officer “because of the performance.”
Bansal’s admission diffused tensions immediately and brought applause for the frankness that is seen rarely in the corporate world.
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“Just look at who was management six months ago, one year ago, and who is management today. I have changed. I was the CEO and I have changed. It was performance linked,” Bansal said.
Bansal, who was replaced as the CEO by co-founder and made executive chairman, said that the decision was based on the merit and even the top-level executives had not been spared.
In the past few months, Flipkart has seen the exit of several top-brass executives including Mukesh Bansal, Ankit Nagori, Chief Buiness Officer and head of product strategy- Punit Soni and head of seller business- Manish Maheshwari.