In a restructuring move, India's e-commerce giant Flipkart has replaced co-founder Binny Bansal as Chief Executive Officer with Kalyan Krishnamurthy.
Mr Bansal, however, will take over the newly created position of Group CEO.
The restructuring comes nearly a year after Mr Bansal took over as CEO from co-founder Sachin Bansal, who had then taken over as Executive Chairman.
Prior to being Flipkart CEO, Binny Bansal was serving as the company's Chief Operating Officer.
Co-founders Sachin and Binny Bansal were jointly named "Asian of the Year 2016' by a Singapore-based newspaper in December.
"It validates our commitment to creating a world-class internet company that is transforming the lives of Indians by making a high quality lifestyle affordable to them," the company had said in a statement.
Mr Krishnamurthy is a former executive at hedge-fund company Tiger Global. He joined Flipkart in June, 2016, as head of its commerce unit.
(with inputs from Agencies)
