Deepinder Goyal has stepped down as the Chief Executive Officer (CEO) and Managing Director (MD) of Eternal, effective 1 February, to pursue a new set of ideas he has felt drawn to for quite some time, he said in a letter to shareholders, announcing his resignation.
Explaining why he stepped down as the CEO, Deepinder Goyal mentioned in his letter that he has lately felt drawn to a new set of ideas that involve risks and experiments, which are only possible outside the company.
“I have found myself drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation. These are the kinds of ideas that are better pursued outside a public company like Eternal,” he said.
He explained that if these ideas could be explored and belonged within Eternal, he would have pursued them within the company, but “they do not”.
“While I believe I personally have the bandwidth to continue what I am doing at Eternal, and also explore new ideas outside of it, the expectations, legal and otherwise, of a public company CEO in India demand singular focus,” he said.
What's next for Deepinder Goyal?
While Deepinder Goyal has said he is pursuing a “new set of ideas” for his next venture, he has not elaborated on what those ideas entail or how he plans to pursue them. But he will remain a key voice in building Eternal further, he has said.
“I have spent eighteen years, almost half my life, building this company. I will continue doing that. Albi, Akshant, and I will continue to work closely together, as we always have. Our partnership, shared context, and trust remain unchanged. All our business CEOs will continue operating with the autonomy they have always had,” Deepinder Goyal said.
“My involvement in long-term strategy, culture, leadership development, and ethics and governance, continues. This is where I have increasingly focused lately anyway,” he concluded the letter.
What's next for Eternal?
Deepinder Goyal is being replaced by Blinkit CEO Albinder Singh Dhindsa as the company's new CEO. Deepinder Goyal will, however, remain on the board of directors as Vice Chairman, he announced in the letter to shareholders.
He highlighted Dhindsa's leadership in building the team, culture, and supply chain at Blinkit.
"He has the DNA of a battle-hardened founder, and his ability to execute far exceeds mine," Goyal pointed out, noting that Blinkit remains the largest growth opportunity and will remain Dhindsa's top priority.
