Eternal Limited Names New Group CEO

Eternal Limited, previously known as Zomato, announced on Wednesday that founder Deepinder Goyal will resign from his position as Group CEO. He will, however, continue his role as Vice Chairman of the board. The company confirmed that Albinder Dhindsa will step into the role of the new Group CEO at Eternal.

Leadership Transition in Eternal Limited

The announcement was delivered through a letter to shareholders and subsequently filed with stock exchanges. Dhindsa joined Eternal in 2022 after the acquisition of Blinkit in a substantial $568 million deal.

Vision for the Future

In the correspondence, Goyal expressed that this decision will enable Eternal to concentrate on its objectives as a public entity, while also providing him the opportunity to explore ideas that may extend beyond the company’s current risk parameters. He noted that if such concepts aligned with Eternal’s objectives, they would have been pursued within the company itself.

Continued Involvement

Goyal assured that he will still participate in the company’s long-term strategy, cultural development, leadership nurturing, and governance. He intends to maintain close collaboration with Dhindsa and the leadership team going forward.

ESOP Reversion and Company Structure

Regarding the transition, Goyal mentioned that all of his unvested Employee Stock Ownership Plans (ESOPs) will revert to Eternal’s ESOP pool. This is aimed at fostering wealth creation for future leaders without causing additional dilution for shareholders. According to the company, the daily operations and decision-making will now be executed by Dhindsa as Group CEO, while the existing decentralized structure, where each sector operates under its own CEO, will continue as is.