Arun Srinivas, who until recently was Ola’s chief operating officer and global chief marketing officer, has resigned and is serving notice, according to three highly placed sources. He leaves the company exactly a year after he joined. A former vice president at Unilever, Srinivas had joined Ola after a stint at private equity firm Westbridge Capital leading its investments in consumer vertical. Sanjiv Saddy, senior vice president, policy and government affairs at Ola also quit.
Ola confirmed these exits. “Arun Srinivas, Chief Sales & Marketing Officer and Sanjiv Saddy, SVP- Corporate Affairs, are moving on to pursue other opportunities outside of Ola. The organization wishes them well in their future endeavours.”
Srinivas, who was introduced as chief operating officer, till two weeks ago in Ola’s press interactions including the latest with the ETBrandEquity, is however designated chief sales and marketing officer in its statement.
Srinivas, the latest CXO-level exit from Ola, had an expanded role in the company. As COO he owned the P&L of the flagship cab-hailing business in India as Aggarwal positioned himself as the group CEO overseeing an array of businesses including the electric mobility, financial services, foods business and international expansion. Srinivas was also global chief marketing officer, His LinkedIn profile says he had led the recent London launch of Ola in February this year.
Srinivas’s exit follows that of Nitin Gupta, CEO of Ola Financial Services and Sanjiv Saddy, senior vice president, policy and government affairs at Ola. The CEO Aggarwal had earlier said the company saw 95% decline in revenue following mobility restrictions in cities. Ola fired 1400 people on rolls. It also massively downsized contract jobs to the tune of around 2000 in the recent months. Also, the company enforced a sharp reduction in remuneration at the top level.
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