Deepinder Goyal, founder of Zomato’s parent company Eternal, has decided to step down from the post of Group CEO. In his place, Blinkit CEO Albinder Dhindsa will be the new Group CEO. The company informed this to the stock exchange on Wednesday, January 21. Goyal said – Have to work on new risky ideas. Explaining the reason for resigning from the post of CEO, Deepinder said – I want to work on some new ideas which are high risk and require a lot of experimentation. It is better to pursue such an idea outside the ambit of a publicly listed company like Eternal. Goyal will remain on the board, playing the role of Vice Chairman. Even though Deepinder Goyal is leaving the post of CEO, he is not completely separating from the company. After getting the approval of the shareholders, he will serve as the Vice Chairman on the Board of Directors of the company. Goyal said, “I have devoted nearly 18 years of my life to building this company. I will be involved in long-term strategy, culture and leadership development.” Deepinder Goyal, who is investing in space-tech and health sectors, is also interested in many sectors outside Eternal. According to reports, he may make a personal investment of around ₹210 crore in the space-tech company ‘Pixel’. Apart from this, he is also running companies like ‘Continuum’ for research related to longevity and health and ‘LAT Aerospace’ in the aviation sector. Why expressed trust in Albinder Dhindsa? Praising Albinder, Goyal said that it was Albinder’s hard work that brought Blinkit out of losses and made it successful. Goyal wrote, “Albinder has the DNA of a seasoned founder and his ability to execute is much greater than me.” There is no loss to the shareholders, Goyal left ESOPs. Regarding the future of the company and the confidence of the shareholders, Goyal said that their economic future is still linked to Eternal. As part of this transition, Goyal has returned all his unvested ESOPs to the company’s pool. This will create opportunities for wealth creation for the next generation of leaders of the company and will not reduce the stake of existing shareholders. Will there be any change in the functioning of Eternal? Deepinder Goyal assured that the company’s way of working will not change. The structure of Eternal is already decentralized. That means, every business under the company (like Zomato, Blinkit etc.) has its own CEO, who has complete freedom to work. Even after Albinder becomes Group CEO, Blinkit will remain the Group’s biggest priority.
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Zomato’s Deepinder Goyal resigns as CEO: Blinkit’s Albinder Dhindsa will take charge; Goyal will work on new ideas
