FSN E-Commerce Ventures Ltd., the owner and operator of beauty and personal care company Nykaa, has appointed several new leaders across functions, about a month after key leaders resigned from their positions.
The company has appointed leaders across technology, finance, business, and marketing, taking its count to over 50.
The Falguni Nayar-led company appointed Rajesh Uppalapati as the Chief Technology Officer. He joins Nykaa from Intuit Inc., where he worked after 20 years at Amazon Inc.
The company has also onboarded Abhishek Awasthi, Eswar Perla, Dhruv Mathur, and Amit Kulshrestha to the existing technology leadership team.
The company also appointed P Ganesh as the new Chief Financial Officer. Ganesh has worked with TAFE Group, Pidilite Industries Ltd., Godrej Group, Glenmark Pharmaceuticals Ltd. before joining Nykaa.
Sujeet Jain has been named Chief Legal and Regulatory Officer.
On the business side, Unilever veteran Vishal Gupta has been named head of beauty consumer business at Nykaa. He will also lead Superstore By Nykaa, the eB2B distribution business.
The fresh appointments come about a month after five top-level executives tendered their resignations.
Manoj Gandhi, chief commercial operations officer; Gopal Asthana, chief business officer of the fashion division; and Vikas Gupta, chief executive officer of wholesale business SuperStore had all exited the company last month, apart from Shuchi Pandya, vice president of Nykaa fashion division's Owned Brands business; and Lalit Pruthi, vice president of finance at the fashion unit.
Former Chief Financial Officer Arvind Agarwal resigned in November 2022, following the company's controversial bonus issue.
The company had termed "some of these mid-level exits" as part of the standard annual appraisal and transition process.
Shares of the company fell about 1% on Monday, compared with a 1% rise in S&P BSE Sensex.
Out of the 21 analysts tracking the company, 16 maintain a 'buy' rating, two recommend a 'hold' and three suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 61.5%.
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