Indian multinational ridesharing company Ola’s chief executive officer Bhavish Aggarwal on Tuesday clarified that he was not retiring. The CEO will be stepping away from day-to-day business of many of the company’s core operation wings, as per reports quoting an internal note. Aggarwal will now focus on the engineering, product and team-building parts of the business, including quick commerce and electric vehicles (EV) department. Aggarwal in his note to Ola employees said that the company’s chief financial officer Arun GR will have his role expanded to help him look after the day-to-day operations of Ola.
“To drive scale, speed, and quality, we need to execute with deep attention to detail and every team has to work together in sync with everyone else. And in parallel, we need to keep innovating into new and exciting opportunities so as to have a larger impact,” Aggarwal said in a note.
“I’ll be spending more time with all engineering functions, team building, and on the product,” said Aggarwal in the internal note. “I’ll also be increasing my focus on our longer-term strategic projects including new 2W products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell R&D and factory, international expansion, and building out our Pune tech centre and the Futurefoundry UK,” the CEO told Ola employees in an email, as per reports.
The CEO, however, shortly tweeted that he was not retiring from the company and was just shifting gears.
“Reads like I’m retiring! Not true. Arun (GR) is a great leader & he’ll help me manage Ola’s ops. We will accelerate ambitious new projects like our car, cell, gigafactory etc. & deepen focus on tech & engineering. More soon Doubling down on building the future here in India, at Ola!,” Aggarwal wrote on Twitter.
Bhavish Aggarwal in his note to Ola employees said Arun GR’s role has been extremely impactful in the company. “To ensure that we have adequate focus on the execution of the current businesses, I am expanding Arun GR’s role to help me drive the day-to-day operations across the group… Arun joined Ola a year ago and through the last year, he’s been extremely impactful,” he wrote, adding, “As CFO, leading the entire manufacturing, supply chain, S&OP, construction for Ola Electric, working with everyone across mobility, auto retail, quick commerce and also running OFS as interim CEO, he has been very effective.”
GR Arun Kumar, who joined last year as the Group CFO for Ola and CFO for Ola Electric and brings in over 20 years of experience in strategy and finance, including areas like business growth and turnaround, governance and reporting, compliance and large scale debt and equity capital market benchmark transactions.
Bhavish Aggarwal’s decision comes at a time when Ola in in talks with investors to raise a fresh round of funding at a lower valuation. The company was also set to list at the bourses this year.
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