Zomato CEO Deepinder Goyal Steps Down to Pursue New Ideas

Zomato's parent company Eternal Limited CEO Deepinder Goyal is stepping down from his role, subject to shareholder approval, to pursue high-risk, experimental ideas outside the public company. He will transition to Vice Chairman on the board, with Albinder Dhindsa named as his successor. NEW DELHI: Food delivery platform Zomato's parent company Eternal Limited's CEO Deepinder Goyal on Wednesday announced that he's stepping down from the role, subject to shareholder approval. He will, however, remain on the board of directors as vice chairman. "Dear Shareholders, 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," he announced. Goyal further named Albinder Dhindsa (Albi) as his replacement. The CEO further explained his reasons for change saying, "Of late, I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation. These are the kinds of ideas that are better pursued outside a public company like Eternal." Justifying his decision he added, "If these ideas belonged inside Eternal’s strategic scope, I would have pursued them within the company. They do not. Eternal deserves to remain focused, and disciplined, while exploring new areas of growth that are relevant to its current line of business. While I believe I personally have the bandwidth to continue what I am doing at Eternal, and also explore new ideas outside of it, the expectations, legal and otherwise, of a public company CEO in India demand singular focus. " Goyal also announced that his unvested ESOPs will revert to the "Esop pool". "My financial future remains meaningfully tied to Eternal, and my incentives remain aligned with long-term shareholder value creation. As part of this transition, all of my unvested ESOPs will revert to the ESOP pool. "This ensures that Eternal continues to have meaningful wealth-creation opportunities for its next generation of leaders, while strengthening long-term retention without incremental shareholder dilution," he said. End of Article