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CEO of Flipkart's fashion arm steps down

Ananth Narayanan, CEO of Flipkart Online Services Pvt. Ltd.-owned retail platforms Myntra and Jabong, has stepped down, The Economic Times of India reported Jan. 14, citing a company statement.

Fashion e-commerce retailer Myntra reportedly said Flipkart executive Amar Nagaram will succeed Narayanan in the role and will report directly to Flipkart Group CEO Kalyan Krishnamurthy, according to the report.

The development follows earlier reports on Narayanan's exit, who in November 2018 claimed that he had no plans to resign.

Leadership changes in the Walmart Inc.-controlled company come after Binny Bansal's exit as Flipkart Group CEO, following an investigation into an allegation of serious personal misconduct.