Steuart Walton, grandson of Walmart founder Sam Walton, Judith McKenna, president at Walmart International, and Dirk Van den Berghe, regional CEO of Walmart Canada and Asia, will join the Flipkart board, following the world’s largest retailer’s acquisition of the Indian e-commerce firm.
The townhall was also attended by Flipkart’s co-founder Binny Bansal and Walmart India head Krish Iyer. Bansal and Kalyan Krishnamurthy, CEO of Flipkart, will also be part of the board while the other co-founder, Sachin Bansal, has sold off his 5.5% stake in Flipkart for about $1 billion and exited the company as, according to sources, Walmart had categorically said that it could only accommodate one of the founders in the board.
Van den Berghe, as head of Asia, spearheaded Walmart’s initial talks with the Bengaluru company in late 2016 and he had sent a proposal to the Bentonville headquarters suggesting the US retail giant could look at picking around 20% minority stake in Flipkart, sources said. But Walmart ended up acquiring the Indian firm when talks between the two parties revived earlier this year.
Steuart Walton has been on the board of Walmart since 2016.