Top-level exits in Ola Cabs continue with the company's Chief Financial Officer (CFO) Karthik Gupta resigning within seven months of taking over at the parent company ANI Technologies.
Gupta's resignation comes close on the heels of the company's CEO, Hemant Bakshi, who resigned two weeks ago.
The company said that the resignation was part of a large-scale restructuring exercise that was going on. An Ola spokesperson said, "As part of our ongoing restructuring efforts, Karthik Gupta, the CFO of Ola Mobility has decided to step down from his position. This restructuring aims at enhancing productivity in the era dominated by artificial intelligence, reshaping the cab-hailing scenario across the globe."
The spokesperson further said that this move of restructuring would help Ola optimize its cost structures, focus on growth initiatives, and build its bottom line.
Karthik Gupta, who joined as CFO at Ola Cabs seven months back, was heading multiple departments that included finance strategy, growth planning, regulatory, taxation, treasury, and investor relations. Prior to Ola, he had a successful career spanning over 17 years with Procter and Gamble, where he worked as Vice President and regional CFO for Asia Pacific, Middle East, and Africa.
In a related move, Ola had recently announced a reduction in the workforce as part of the restructuring exercise. Founder Bhavish Aggarwal wrote in a letter to employees detailing the move saying, "The restructuring will help the company improve profitability and prepare it for future growth." Media reports indicate that such restructuring would impact around 10 percent of Ola's workforce.
Meanwhile, the company has appointed Ankush Aggarwal, brother of the founder of Ola, as the Chief Executive Officer of Ola Financial Services.
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