Ola Electric Shares Skid 5% After CMO, CTO Resign; Key Points Investors Should Know – News18
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Ola Electric CMO, CTO Resign: These ongoing high-profile exits have raised concerns about the retention of senior talent within the group
Ola Electric Scooter. (File photo)
Ola Electric Share Price: Shares of Ola Electric dropped 4.6%, reaching an intraday low of Rs 85.93 on the BSE, following the resignation of two senior executives: Chief Technology and Product Officer Suvonil Chatterjee and Chief Marketing Officer Anshul Khandelwal, effective Friday.
Both Chatterjee and Khandelwal had long tenures at Ola, initially joining Ola Cabs before moving to Ola Electric. Chatterjee joined in 2017 as Head of Design, while Khandelwal came on board in 2018 as Head of Marketing. Their departures contribute to a growing list of high-level exits from various segments of the Ola Group, including its AI venture, Krutrim, this year.
These ongoing high-profile exits have raised concerns about the retention of senior talent within the Bhavish Aggarwal-led group, negatively impacting investor sentiment.
Other Notable Exits
In October, Ola Consumer’s Chief Business Officer, Sidharth Shakdher, resigned after just nine months with the company. He subsequently joined fintech platform Paytm as its Chief Marketing Officer and Business Head of a unit. The same month, Mahesh Alanthat, Vice President and Head of Sales at Ola Electric, also stepped down.
In the group’s ride-hailing business, under its parent company ANI Technologies, which is planning an IPO next year, Chief Financial Officer Kartik Gupta left in May. His departure came just two weeks after Hemant Bakshi, CEO of Ola Mobility, resigned.
In recent months, Ola Electric has also laid off 300-400 employees across various departments, primarily in manufacturing and supply-chain management. The company is grappling with a decline in market share, rising customer complaints, and a drop in its stock price.
In its IPO prospectus, Ola Electric, which went public in August this year, revealed that it has faced high employee attrition in the past. In FY24, the company’s employee attrition rate stood at 44.25%.
