Food delivery major Swiggy has announced a key step in its evolution as a publicly listed company, moving towards a more independent board structure.
The company has appointed Faraz Khalid, CEO of Middle East e-commerce giant Noon, as an independent director, subject to shareholder approval.
The announcement marks a major shift in Swiggy’s corporate governance following its successful IPO last year.
The board transition also includes the resignation of Sumer Juneja and Anand Daniel, non-executive and non-independent directors representing early investors SoftBank and Accel, respectively.
Swiggy’s Founder and Group CEO Sriharsha Majety said, “Faraz is among the most visionary leaders in e-commerce, bringing extensive expertise in integrating advanced technology, scaling operations, and delivering superior customer experiences.”
He added, “With his joining our board, our independent directors (led by our chairperson) represent four pillars of strategic governance… We are confident that their foresight and diversity shall be vital in guiding Swiggy on its next leg of growth.”
Faraz Khalid is widely regarded as a transformative leader in the Middle East’s digital economy. He also co-founded Namshi, building it into a leading fashion retailer in the region.
Chairperson and Independent Director Anand Kripalu emphasised the importance of this transition, “We are delighted to welcome Faraz to the board and look forward to leveraging his considerable experience at Noon. We also extend our heartfelt thanks to Sumer and Anand for their invaluable contributions.”
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Shares of Swiggy closed in the red at ₹407.95 apiece today (July 25), down ₹11.30 or 2.70%.
(Edited by : Shoma Bhattacharjee)
