While Walmart is trying to speed up the completion of its tax liabilities around its USD 16 billion acquisition of Flipkart, the US-based retail giant is reportedly bringing four of its executives to the team of Indian e-commerce unicorn.
Emily McNeal who is the current Mergers and Acquisitions (M&A) Head at the Walmart will be joining Flipkart as senior vice president and group chief financial officer. Other senior executives like Walmart’s chief ethics and compliance officer Daniel De La Garza will join as vice president and chief ethics and compliance officer at Flipkart.
Further, Grant Coad who has been handling regulatory compliance at the Walmart Canada will join as general counsel and Dawn Ptak from Walmart China as vice president and group controller on the Flipkart team.
According to media reports, McNeal, Garza and Coad will be reporting to Flipkart Group CEO Binny Bansal while Ptak will report to McNeal.
The new Flipkart members will mainly be focusing on group strategy, mergers and acquisitions, IPO preparation, accounting and controls, US GAAP, among others.
In August 2018, Walmart had announced that it had acquired 77 percent of Flipkart for USD 16 billion, valuing the company at USD 22 billion which is reportedly one of the largest e-commerce deals in the world. Post acquisition the retail giant has also stated that Flipkart’s existing management team will continue to lead the business.
Flipkart has gone through several leadership changes in past, mostly making the company achieve its vision in a better manner.
Jan 2016: Flipkart CEO Sachin Bansal steps down and was replaced by co-founder Binny Bansal
Jan 2017: In another structure change, Binny Bansal steps down from the position of company CEO and was replaced by Kalyan Krishnamurthy
Binny Bansal took up the responsibilities as Group CEO of Flipkart
Flipkart is currently gearing up to launch more offline retail stores in India to promote private labels in segments such as fashion and electronics. The company is also looking to reap in huge share of GMV from its upcoming festive season sale – Big Billion Days- starting from October 8.― Inc42