Zomato’s parent company Eternal Ltd. Group Chief Executive Officer (CEO) Deepinder Goyal has resigned from his post. The company gave this information in its regulatory filing on Wednesday. Now Blinkit CEO Albinder Dhindsa (Albi) will become the new Group CEO of Eternal with immediate effect.
Deepinder Goyal has written a letter to the shareholders, in which he explained the reasons for this decision. He said that recently he is feeling a pull towards some new ideas. These ideas are very risky and require a lot of experimentation. It is difficult to do such things in a public company like Eternal. If these ideas were related to the company’s existing business, he would pursue them within Eternal. However, this cannot happen. Therefore, it is better to let the company remain focused and disciplined.
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Deepinder wrote that he could have continued his work at Eternal as well as tried new things outside, but due to legal and other rules on CEOs of public companies in India, the entire focus should be on the company only.
Gave 18 years of life
Deepinder said that he has built this company in 18 years (half of his life) and he will continue to build it. He, Albi and Akshant will continue to work together. Their partnership, trust and understanding will remain exactly the same. All the business CEOs of the company will continue to get the same freedom as before. Deepinder will be involved in long-term strategy, company culture, leadership and governance.
Albinder will have responsibilities
Now Albinder will be responsible for day-to-day decisions, operations and business. Deepinder wrote in his letter, ‘It was Albinder who took Blinkit to breakeven after purchasing it. He built the team, culture, supply chain, everything. He is a true grounder fighter and is very strong in execution. Blinkit is the company’s biggest growth opportunity and this will be Albinder’s main focus. The decentralized structure of the company (each business has its own CEO) will remain the same.
Deepinder said that 18 years ago, the idea of a menu scanning company being worth billions of dollars, employing millions of people and serving crores of families seemed crazy. But he proved it.
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