Byju’s, the ed-tech company currently grappling with a range of challenges, has confirmed the departure of three senior executives, including Chief Business Officer (CBO) Prathyusha Agarwal. The announcement was made by a company spokesperson on Tuesday. Alongside Agarwal, Himanshu Bajaj and Mukut Deepak, both holding significant business leadership roles, have also resigned from their positions.
Agarwal, who joined Byju’s in February 2022, brought experience from her previous role at Zee Entertainment Enterprises, where she served as the chief consumer and data officer. Her tenure at Zee spanned over five years, during which she held several senior positions, according to a report by moneycontrol.com. Deepak had been associated with Byju’s for nearly two years, while Bajaj, who previously worked at management consulting firm Kearney, came on board in November 2021 to head Byju’s Tuition Centers vertical.
A company spokesperson explained the context of these exits, stating, “As Byju’s continues to navigate its journey towards profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals, including the consolidation of four verticals into two key areas: K-10 and Exam Prep.” This realignment has prompted the appointment of new leaders for these verticals, with Ramesh Karra and Jitesh Shah now heading the K-10 and exam prep businesses respectively. In light of this reorganization, the spokesperson confirmed that Mukut Deepak, Prathyusha Agarwal, and Himanshu Bajaj would be departing.
Byju’s has experienced a series of departures from its leadership team this year, further complicating the company’s already challenging situation. Cherian Thomas, the Senior Vice President for international business, also left the firm in the previous week.
The company is currently navigating legal and financial difficulties, with a significant number of employees having been let go. Concerns about management decisions were raised by investor Prosus NV, citing instances where advice was disregarded. Additionally, Byju’s appointed auditor, Deloitte, resigned due to delayed financial statements, impacting its ability to conduct audits effectively.
To address these governance and leadership concerns, Byju’s established an advisory council in early July, composed of investor Mohandas Pai and former State Bank of India chairman Rajnish Kumar. As part of its efforts to restore stability, Byju’s aims to submit audited financial results for 2022 by September and 2023 results by December.
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