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MUMBAI: Amid mounting troubles, Byju Raveendran is set to take over the daily operations at struggling edtech Byju’s, a company he founded more than a decade ago.
The move comes after the company’s India CEO Arjun Mohan resigned from his position barely within seven months after taking charge, adding to the series of C-suite departures at the firm over the past several months.
“Over the past four years, he (Raveendran) had focused primarily on strategic aspects such as raising capital and driving global expansion. However, recognising the need for strong leadership during this challenging hour, he will now be deeply involved in the company’s day-to-day functioning, leveraging his expertise to steer Byju’s towards its next phase of growth and innovation,” Byju’s said in a statement on Monday.
Mohan will transition to an external advisory role.
The company which also claimed to receive a majority 55% shareholder approval to increase the authorised share capital for its $200-million rights issue is rejigging its business structure under which the firm will be consolidating its business into three focused divisions independently run by separate leaders.
The move comes after the company’s India CEO Arjun Mohan resigned from his position barely within seven months after taking charge, adding to the series of C-suite departures at the firm over the past several months.
“Over the past four years, he (Raveendran) had focused primarily on strategic aspects such as raising capital and driving global expansion. However, recognising the need for strong leadership during this challenging hour, he will now be deeply involved in the company’s day-to-day functioning, leveraging his expertise to steer Byju’s towards its next phase of growth and innovation,” Byju’s said in a statement on Monday.
Mohan will transition to an external advisory role.
The company which also claimed to receive a majority 55% shareholder approval to increase the authorised share capital for its $200-million rights issue is rejigging its business structure under which the firm will be consolidating its business into three focused divisions independently run by separate leaders.
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