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I was replaced due to non-performance issues: Sachin Bansal
Co-founder of Indian e-commerce giant, Flipkart, Sachin Bansal admitted that he was replaced as chief executive of the company because of non-performance.

Bansal was speaking at a monthly meeting on Friday in Bangalore with about 200 employees.Bansal made the statement as employees were increasingly questioning the company's decision to lay-off employees. In the last month, Flipkart had laid off at least 300 people who were non-performers.

In January this year, Sachin Bansal was replaced as CEO by co-founder Binny Bansal.

Asserting that it was purely due to performance issues, Bansal said "Just look at who was management six months ago, one year ago, and who is management today. It's completely changed. Right? Yeah, I mean, nobody is here. I have changed. I was the CEO and I have changed. It was performance linked," according to digital media company FactorDaily.

Since Binny Bansal took over, he has put an entirely new team at the top management after several top-level employees had to exit the company, apparently due to their inability to meet targets.

Flipkart has been facing rough waters for quite some time now with it's growth being stalled over the past few quarters while main competitor Amazon has maintained an upwardgrowth rate.

Many experts have seen Bansal's move as a method to reassure the employees and boost their morale.

Soon after the event, Flipkart released a statement saying, "At Flipkart, we have an open and transparent culture. The town hall that we conduct regularly, is one of the pillars of this culture of openness. Our performance metrics are freely shared to encourage a collaborative environment. Anybody is free to ask any question, challenge existing norms and hold the leadership accountable for business and organisational metrics.

We believe this leads to an environment of trust, openness and respect, and is one of the building blocks of our organisation of the future. We are also probably the only large company in India to have this open and collaborative culture."

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