Why Deepinder Goyal quit as Eternal CEO and what’s next for the company and him? He explains in letter to shareholders

Announcing his resignation in a letter to shareholders, Deepinder Goyal said that he is resigning as the Chief Executive Officer (CEO) and Managing Director (MD) of Eternal, effective February 1, to pursue new ideas in which he has been interested for a long time.

Explaining in his letter why he stepped down as CEO, Deepinder Goyal stated that he recently felt caught up in a number of new ideas that involved risks and experiments and were only possible outside the company.

“I found myself drawn to a number of new ideas that involved significantly higher risk exploration and experimentation. These are the kinds of ideas that might be better pursued outside of a public company like Eternal,” he said.

He explained that if these ideas were explored and owned by Eternal, he would pursue them internally, but “they didn’t.”

“While I personally believe I have the bandwidth to continue the work I have done at Eternal and explore new ideas beyond that, the regulatory and other expectations of a public company CEO in India require a singular focus,” he said.

What’s next for Deepinder Goyal?

Although Deepinder Goyal said he was pursuing a “new set of ideas” for his next venture, he did not elaborate on what these ideas entail or how he plans to pursue them. However, he said he will continue to be an important voice in further building Eternal.

“I have spent eighteen years, almost half of my life, building this company. I will continue to do so. Albi, Akshant and I will continue to work closely together as always. Our partnership, shared context and trust will remain unchanged. All our CEOs will continue to work with the autonomy they have always had,” said Deepinder Goyal.

“I continue to be involved in long-term strategy, culture, leadership development, ethics and governance. That’s where I’ve been focusing more and more lately,” he wrote in the letter.

What’s next for Eternal?

Deepinder Goyal will be replaced by Blinkit CEO Albinder Singh Dhindsa as the new CEO of the company. However, in his letter to shareholders, he announced that Deepinder Goyal will remain on the board as Vice Chairman.

He highlighted Dhindsa’s leadership in building the team, culture and supply chain at Blinkit.

Goyal stated that Blinkit remains the biggest growth opportunity and will remain Dhindsa’s top priority, adding, “He has the DNA of a battle-hardened founder, and his ability to execute far exceeds my own.”