- Deepinder Goyal has stepped down as Group CEO to explore new ideas outside Eternal
- Albinder Dhindsa will succeed him as the new Group CEO of Eternal
- Goyal will remain Vice Chairman and stay involved in long-term strategy and governance
Zomato's Deepinder Goyal has shared an important update on leadership changes at Eternal, the parent company of the popular food delivery app founded by him. He said he is stepping down as the Group CEO to explore new ideas outside Eternal and named the next chief executive who would succeed him.
Despite this, Goyal said he will remain on the board of directors if the shareholders permit. He will remain involved in the group's long-term strategy, though the group's operating decisions will be taken by the new CEO, he said in his letter to the shareholders of Eternal.
Here's the full text of his letter:
"Dear Shareholders,
Today, I am going to step away from the Group CEO role, and subject to shareholders' approval, will remain on the board of directors as Vice Chairman.
Albinder Dhindsa (Albi) will be Eternal's new Group CEO.
Why this change
Of late, I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation. These are the kinds of ideas that are better pursued outside a public company like Eternal. If these ideas belonged inside Eternal's strategic scope, I would have pursued them within the company. They do not. Eternal deserves to remain focused, and disciplined, while exploring new areas of growth that are relevant to its current line of business.
While I believe I personally have the bandwidth to continue what I am doing at Eternal and also explore new ideas outside of it, the expectations, legal and otherwise, of a public company CEO in India demand singular focus.
This transition allows Eternal to remain sharply focused, while giving me the space to explore ideas that do not fit Eternal's risk profile.
What doesn't change
I have spent eighteen years, almost half my life, building this company. I will continue doing that.
Albi, Akshant, and I will continue to work closely together, as we always have. Our partnership, shared context, and trust remain unchanged. All our business CEOs will continue operating with the autonomy they have always had.
My involvement in long-term strategy, culture, leadership development, and ethics and governance, continues. This is where I have increasingly focused lately anyway.
What changes
The centre of gravity for operating decisions moves to Albi. As Group CEO, he will own day-to-day execution, operating priorities, and business decisions.
Blinkit's journey from acquisition to breakeven happened under his leadership. He built the team, the culture, the supply chain, the operating rhythm. He has the DNA of a battle-hardened founder and his ability to execute far exceeds mine. He is more than capable of leading Eternal as Group CEO.
Blinkit remains our largest growth opportunity and will remain as Albi's top priority. Our decentralized structure, where each business has a CEO with full ownership, continues unchanged - and will help Albi execute this well.
On alignment and ESOPs
My financial future remains meaningfully tied to Eternal, and my incentives remain aligned with long-term shareholder value creation.
As part of this transition, all of my unvested ESOPs will revert to the ESOP pool. This ensures that Eternal continues to have meaningful wealth-creation opportunities for its next generation of leaders, while strengthening long-term retention without incremental shareholder dilution.
Looking ahead
Eighteen years ago, the idea that a menu scanning company could be worth tens of billions of dollars, provide livelihoods to hundreds of thousands of people, and serve millions of families daily would have seemed absurd. We helped prove it was possible. And there's a lot in store for Eternal to do over the next few decades.
I believe Eternal is not going to lose focus or momentum through this change. Rather, it is reinforcing its institutional strength. And personally, I gain the flexibility to explore ideas that sit outside Eternal's scope, without compromising the company's priorities.
I want Eternal to become India's most valuable company. I want us to serve a billion customers. I want us to create the most positive impact on society. I want us to be the source of livelihoods for millions of Indians. None of that changes.
This is a change in title, not in commitment towards outcomes. Eternal remains my life's work.
Thank you for your continued trust and support.
Deepinder Goyal"
