In a strategic leadership reshuffle, Zomato has announced that Rakesh Ranjan will step down as the CEO of its food delivery business, according to a Moneycontrol report. Founder and Group CEO Deepinder Goyal will now directly oversee the company’s core food delivery operations in the coming months, it added.Ranjan, who assumed the CEO role in June 2023, will remain with the company but shift away from his current responsibilities. Sources familiar with the matter noted that this transition is part of Zomato’s periodic leadership realignment, a practice the company follows every few years, the report added.
Under Ranjan’s leadership, Zomato consolidated its position as a market leader in India’s competitive food delivery space. However, the industry is currently facing headwinds, with both Zomato and rival Swiggy grappling with fluctuating market shares and a broader demand slowdown.
“This slowdown began in the latter half of November,” Ranjan had stated in a January 20 shareholder letter outlining quarterly results.The leadership change follows another recent exit—that of Rinshul Chandra, chief operating officer of the food delivery unit, who stepped down earlier this month.The latest developments come amid turbulent times for the sector, with both major players contending with reduced consumer demand and shifting market dynamics.As of April 23, shares of Eternal (formerly Zomato) were trading 0.74% higher at ₹239.2 on the Bombay Stock Exchange.(Edited by : Ajay Vaishnav)
