Myntra, Jabong CEO Ananth Narayanan steps down

As per news reports, chief executive officer (CEO) Ananth Narayanan has quit Myntra and Jabong. Amar Nagaram, the new head of Jabong and Myntra, will report to Flipkart CEO Kalyan Krishnamurthy. This means the CEO post at Myntra has been abolished. Nagaram had earlier been designated as the chief product and technology officer of Myntra in December, after he was moved to the fashion retailer from Flipkart.

Narayanan, who joined Myntra in July 2015 after replacing founder Mukesh Bansal, is expected to receive a generous payout that includes employee stock options worth several millions of dollars. Under his leadership, the company has had many firsts for the industry—from the extensive use of technology to enhance customer experience to innovative business model partnerships in working with brands. He and the team have also built a very successful private brand business and have also created several industry shaping events.

Prior to joining Myntra, Narayanan worked at McKinsey for nearly 15 years, where he headed product development in Asia and the consulting firm’s automotive practice in India. He has worked with companies in the auto, component and construction equipment sectors in India and across Asia. Flipkart has attempted to retain key personnel at Myntra, offering retention bonuses and packages to key executives and employees.