Fashion marketplace Myntra is witnessing further attrition at leadership levels as its chief financial officer (CFO), Ramesh Bafna and chief marketing officer (CMO) Harish Narayanan have called it quits, the firm’s chief executive officer (CEO) Amar Nagaram told employees in an internal memo on Sunday.
The exits come weeks after Nagaram called it quits, close to three years after he was appointed as the chief of the fashion e-marketplace. Nagaram will serve as the CEO until December this year, post which he will be moving into an advisory role at the fashion marketplace.
Myntra parent’s Flipkart’s group CFO Sriram Venkatraman will be filling in and will act as the Myntra’s interim CFO, Nagaram said in an internal memo. “At this juncture, where Myntra is ready to make new strides, the Group CFO, Sriram Venkatraman, will be key advisor to the leadership team as interim CFO for the next few months. This decision comes at a time when Ramesh Bafna, CFO, Myntra, who has been with the Flipkart Group for the last seven years, has decided to pursue career opportunities outside the company. Ramesh has contributed immensely during his stint at Myntra, strengthening the finance function,” said Nagaram. He added that Narayanan will be pursuing opportunities in the edtech space.
“The evolution of Myntra over the years has been enabled by a set of able leaders, including Harish Narayanan. Under his leadership, Myntra’s marketing function has shifted to digital, strengthening its content and commerce play. In pursuit of his passion for early-stage startups, after nearly two-and-a-half years, he has decided to write the next chapter of his career in the ed-tech space,” said Nagaram in his letter on Sunday.
Both Bafna and Narayanan will be continuing in Myntra until January 2022.
“Harish and Ramesh have passionately invested in Myntra’s growth and evolution over the years. […] They will continue in their roles at Myntra till January 2022, to help ensure a smooth transition. As they move on to their next career stints, I thank them for leaving behind a strong legacy, and for many memorable moments shared together,” said Nagaram.
Mint has reviewed a copy of the internal note. The company did not respond to queries until press time.
Last month, Myntra hired Sharon Pais as its chief business officer (CBO). Pais was formerly the head of loyalty and travel at Flipkart.
On Friday, Mint reported that Myntra has announced the appointment of Nandita Singh as its new CEO effective 1 January 2022. Sinha will join the fashion, beauty and lifestyle marketplace from group company Flipkart, where she is vice-president, customer growth and marketing, the company said on Friday.