New Delhi: Flipkart CEO Kalyan Krishnamurthy has denied reports that he is going to quit the e-commerce company and a formal announcement on a new CEO is likely in June during the Walmart shareholders’ meeting. In a statement to Inc42, Krishnamurthy said reports making the rounds about his exit from the company are “baseless”.
“I am at Flipkart for the long term and fully committed to the company and Walmart-Flipkart partnership. As we called out it’s a baseless story,” he was quoted as saying. In May last year, Walmart bought 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 1,16,256 crore). The American retail giant and its Indian e-tail major are betting big on India despite the revised norms for Foreign Direct Investment (FDI) in e-commerce.