Top business leaders always aspire to change things. For organizations, leadership transition is often a necessity, too.  In recent days, we have seen many famous industry leaders stepping down from their positions.  Let us learn more about the top five admired leaders who have resigned or changed their roles within the company in 2024 so far.

Freshworks Founder Mathrubootham 

Girish Mathrubootham resigned from his position as CEO to assume the role of executive chairman for Freshworks, a software-as-a-service (SaaS) company listed on the Nasdaq. 

 "As I pass the baton to Dennis and move into my new seat as Executive Chairman, I look forward to continuing to serve Freshworks, focusing on our long-term product vision and AI (artificial intelligence), spending more time with our teams in India, and being a trusted advisor to Dennis," said Mathrubootham.

Founded in Chennai in 2010, Freshworks is now a well-known SaaS startup with its headquarters in San Mateo, California, thanks to Mathrubootham's vision. Freshworks became the first SaaS company founded in India to trade on a US exchange in September 2021 after Mathrubootham guided the company through its initial public offering (IPO) on Nasdaq. The business has expanded to service more than 67,000 clients worldwide under his direction. It employs 4,900 people worldwide at 13 different sites.

“When I first proposed this next step to the Freshworks board, we were starting to chart the next phase of our company’s journey. We brought Dennis on board to partner with me on crafting an ambitious growth plan, and my hope was that he could eventually lead the team of talented employees around the world to execute it, which would allow me to spend more time on the long-term product vision, innovation and AI strategy,” says  Mathrubootham.

Paytm COO & President Bhavesh Gupta Resigns to Take on Advisory Role

Bhavesh Gupta, chief operating officer and president of One 97 Communications, which runs Paytm, has resigned from his position.  Gupta will be moving into an advisory role  in the Paytm CEO's office. The CEO of Paytm Money, Varun Sridhar, has moved into a new position inside the company. The CEO of Paytm Money is Rakesh Singh, formerly the head of brokerage services at the wealth software firm Fisdom, financed by PayU.

Chief operational officers and chief business officers of Paytm oversee the company's payment and credit operations. Between them, they have over five years of Paytm experience and twenty to twenty-six years of overall work experience in related industries. The CEO of Paytm and other senior management will now collaborate directly with this seasoned leadership team.

Cleartrip CFO Aditya Agarwal Steps Down

Aditya Agarwal, the chief financial officer (CFO) of travel booking website Cleartrip, has stepped down from his position. This move comes amid ongoing changes to Flipkart's and its direct subsidiaries' senior management. Agarwal's departure comes after that of Ayyappan R, the former CEO of Flipkart who also held positions at its apparel division, Myntra. Ayyappan had written on LinkedIn that he was leaving the company to launch his own consumer technology company.

Akshat Mishra will take over as head of business finance, succeeding Agarwal. Mishra joined Flipkart in 2015, following a period of employment at Goldman Sachs. During the changeover, Agarwal will stay with Cleartrip for a few months. After working for a while at the private equity firm Texas Pacific Group, the departing CFO began working at Cleartrip in 2016 as head of corporate development. Additionally, the company noted in a statement following Agarwal's departure that he played a pivotal role during the successful merger and subsequent integration of Cleartrip into the Flipkart Group. In 2021, Flipkart purchased Cleartrip.

Ola Cabs CEO Hemant Bakshi Resigns

Four months into his position, Hemant Bakshi, the CEO of ANI Technologies, the firm that owns Ola Cabs, has announced his resignation. Former senior Unilever executive Bakshi's resignation comes as the company undergoes a reorganization that will affect at least 10 percent of its 1800 employees.

“Hemant will be stepping down from his role as CEO to pursue opportunities outside the company. We extend our gratitude to Hemant for his contributions and wish him the best in his future endeavors,” says  Bhavish Aggarwal, founder, chairman, and managing director of Ola.

 

The company is reorganizing to increase profitability, keeping with its aim to serve one billion Indians and promote sustainable growth and efficiency within the organization. The company has made significant expenditures in technology and artificial intelligence. 

Kotak Mahindra Bank Joint MD KVS Manian Steps Down

KVS Manian, the joint managing director of Kotak Mahindra Bank, resigned less than a week after the Reserve Bank of India (RBI) placed business limitations on the private lender in order to pursue other opportunities in the financial services industry. Manian, a full-time director, was given the title of joint managing director as of March 1. Manian worked at Kotak for almost three decades. She is a graduate of the Indian Institute of Technology (BHU)-Varanasi and the Jamnalal Bajaj Institute of Management Studies, Mumbai.

Ashok Vaswani, managing director and chief executive, will now receive direct reports from the lender's private, commercial, and wholesale banking operations. Deputy managing director Shanti Ekambaram, who is also in charge of the investment banking and institutional equities divisions, will report to the asset reconstruction division.

“I had a short stint working with Ashok, but I am sure that with such a talented team and with you at the helm, the path ahead is truly transformational," Manian says.