Snapdeal’s steady exodus of senior executives has continued even a week after it announced its ambitious turnaround plan.
Rahul Ganjoo, Vice President, Programme Management and Arvind Heda, Vice President, Technology (Data Platform) have now resigned, sources told Economic Times. The day Snapdeal announced Snapdeal 2.0, Product VP Pradeep Desai, Engineering VP Viraj Chatterjee and IT head Gaurav Gupta had turned in their papers. A day later, Business head of FMCG Digvijay Ghosh and Business head of general merchandise Rahul Jain had left the company.
Employees, while remaining anonymous, have been lambasting Snapdeal’s turnaround plan. “Leadership is set by example not by blatant lies coming in from dubious founders,” a senior employee of Snapdeal said. “Plan B does not make any business sense. No one believes it,” said another current employee. “It is amazing that neither the investors, nor the board has seen it fit to discuss it with a wider group of employees or understand its feasibility. It is doomed from the start and will erode investor wealth even further,” they added.
Even some of Snapdeal’s investors have been critical of its decision to terminate all sales talks with Flipkart. Kalaari Capital’s Vani Kola, who’d been an investor in Snapdeal since 2009, said she was “extremely disappointed” with the founders, and said that their decision wasn’t in the best interests of its employees or its shareholders.
Snapdeal, meanwhile, has been trying to battle all the negativity surrounding its new plan. CEO Kunal Bahl, who’d remained largely silent on Twitter over the last few months, has been retweeting messages of support he’s been receiving. He thanked a seller who’d said they were behind his new plan.
Read More- OfficeChai