Walmart-owned e-commerce agency Flipkart has introduced a management transition in its finance group, with Group Chief Monetary Officer Sriram Venkataraman set to step down from his function.

The corporate mentioned Venkataraman will stay for a interval to make sure a clean handover. Throughout this transition, Ravi Iyer, presently serving as CFO, will take cost of the broader finance organisation.

Flipkart described the transfer as a part of efforts to keep up continuity in its monetary management, including that current governance processes and enterprise unit finance leaders will proceed to assist operations.

The announcement comes alongside the appointment of Nishant Verman as Senior Vice President for Company Improvement and Partnerships. Verman is returning to Flipkart after founding cross-border exports platform Bzaar.

He beforehand labored in company improvement at Microsoft and in expertise funding banking at Morgan Stanley. In his new function, he’ll concentrate on strengthening Flipkart’s partnerships and strategic initiatives.

The management modifications observe experiences earlier this month that Flipkart laid off round 300 workers as a part of its annual efficiency assessment cycle.