Myntra, the country’s largest fashion e-tailer, is having a hard time retaining top-level executives. About a half a dozen of them have already left the company in the past year, and now joining the list is the company’s CTO Shamik Sharma.
As per a report from TOI, Shamik has moved into an advisory role, but he is expected to soon depart from the company. Commenting about this, Myntra said:
Shamik Sharma has moved on to an advisory role. In his previous role as the company’s chief technology & product officer, he led several breakthrough technological innovations. Shamik will continue as technology adviser and play a key role in Myntra’s product and technology growth.
The online fashion store has also announced that they have appointed its Senior Vice President Ajit Narayanan as the new Chief Technology Officer. Commenting on his appointment as the new CTO, Myntra said,
Ajit was earlier heading storefront engineering and has been a key leader in several of Myntra’s innovations. Ajit has been elevated to head all engineering at Myntra. With our mission of using technology to democratise fashion, we are very excited about the new leadership role that Ajit has assumed. He will strengthen the platform and further build upon the strong technological foundations of the company.
Before Shamik Sharma, Flipkart-owned Myntra has seen few top level exits over the past year. In August, the company’s commerce head Prasad Kompalli and private brands head Abhishek Verma exited the company. Along with them, finance head Prabhakar Sunder joined Voonik as CFO, while former chief creative officer Gautam Kotamraju joined Amazon India.
In February this year, Myntra’s founder Mukesh Bansal quit, after working as head of commerce for Flipkart after it acquired his company around two years ago. He is now pursuing his own new venture in the health-tech space called ‘CureFit,’ and has also received some hefty investments to get his ideas off the ground in the coming months.
Myntra is currently leading the online fashion and lifestyle sector. In order to strengthen its leadership positing in the market, it acquired Jabong for $70 million this year. However, several reports suggest that Flipkart may shut down Jabong in 2017 to lower its burn rate.