In a major board-level reshuffle, founder Deepinder Goyal has resigned as the Director, Managing Director and CEO of Eternal Ltd (Formerly Zomato Ltd), effective upon shareholders’ approval. He has been appointed as vice chairman of the company and will now undertake ideas with significant risk outside the domain of Eternal. Blinkit founder Albinder Dhindsa has been named as the new Group CEO.
“Today, I am going to step away from the Group CEO role, and subject to shareholders’ approval, will remain on the board of directors as Vice Chairman,” Goyal wrote. “Albinder Dhindsa (Albi) will be Eternal's new Group CEO.”
Goyal said the decision was driven by his desire to pursue new, higher-risk ideas that do not fit within Eternal’s strategic scope as a listed company.
“Of late, I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation,” he wrote. “These are the kinds of ideas that are better pursued outside a public company like Eternal.”
Goyal, one of the leading faces of India’s start-up story was recently in the news for wearing a device - Temple.
Deepinder Goyal is also said to have unvested his employee stock options will revert to the company’s ESOP pool as part of his transition. In a letter to shareholders on 21 January, Goyal said the move is aimed at strengthening long-term leadership retention while avoiding additional shareholder dilution.
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