India’s largest e-commerce marketplace Flipkart has seengrowth stagnate and has come under pressure from global rival Amazon for the past year and a half. While the company has on many occasions tried to bury media reports on layoffs and high-level exits, in a rather frank discussion with employees on Friday co-founderadmitted that the company has indeed missed targets.
Bansal, in a townhall meeting with around 200 employees at Flipkart’s headquarters in Bengaluru, addressed their concerns over recent layoffs by saying that even the top management was not exempt from scrutiny over performance, including himself. Bansal who stepped down as the CEO of Flipkart in January this year, said that the move was “performance linked”.
The frankness of the co-founder might be a rare occasion where top executives at largeadmit to their failures, but it’s also the first time Flipkart is admitting to missing performance targets. Binny Bansal (not related to Sachin Bansal) who took over as CEO of Flipkart has been putting together an entirely new management team, after several top-level exits seemingly due to their inability to hit targets, according to Sachin Bansal.