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Ola Electric CMO, CTO Resign: These ongoing high-profile exits have raised considerations in regards to the retention of senior expertise inside the group
Ola Electric Scooter. (File picture)
Ola Electric Share Price: Shares of Ola Electric dropped 4.6%, reaching an intraday low of Rs 85.93 on the BSE, following the resignation of two senior executives: Chief Technology and Product Officer Suvonil Chatterjee and Chief Marketing Officer Anshul Khandelwal, efficient Friday.
Both Chatterjee and Khandelwal had lengthy tenures at Ola, initially becoming a member of Ola Cabs earlier than transferring to Ola Electric. Chatterjee joined in 2017 as Head of Design, whereas Khandelwal got here on board in 2018 as Head of Marketing. Their departures contribute to a rising listing of high-level exits from varied segments of the Ola Group, together with its AI enterprise, Krutrim, this yr.
These ongoing high-profile exits have raised considerations in regards to the retention of senior expertise inside the Bhavish Aggarwal-led group, negatively impacting investor sentiment.
Other Notable Exits
In October, Ola Consumer’s Chief Business Officer, Sidharth Shakdher, resigned after simply 9 months with the corporate. He subsequently joined fintech platform Paytm as its Chief Marketing Officer and Business Head of a unit. The identical month, Mahesh Alanthat, Vice President and Head of Sales at Ola Electric, additionally stepped down.
In the group’s ride-hailing enterprise, beneath its guardian firm ANI Technologies, which is planning an IPO subsequent yr, Chief Financial Officer Kartik Gupta left in May. His departure got here simply two weeks after Hemant Bakshi, CEO of Ola Mobility, resigned.
In current months, Ola Electric has additionally laid off 300-400 staff throughout varied departments, primarily in manufacturing and supply-chain administration. The firm is grappling with a decline in market share, rising buyer complaints, and a drop in its inventory worth.
In its IPO prospectus, Ola Electric, which went public in August this yr, revealed that it has confronted excessive worker attrition up to now. In FY24, the corporate’s worker attrition fee stood at 44.25%.
