Deepinder Goyal steps down as Group CEO of Eternal; Blinkit CEO Albinder Dhindsa to take over

Eternal Ltd founder Deepinder Goyal on Wednesday announced that he is stepping down from his role as Group Chief Executive Officer, citing a desire to pursue high-risk exploratory ideas outside the scope of a public company. Albinder Singh Dhindsa, currently the CEO of Blinkit, will take over as the new Group CEO.

In a stock exchange filing, Goyal said he has been increasingly drawn to a set of new ideas that involve significantly higher-risk exploration and experimentation-pursuits better undertaken outside a listed entity like Eternal. “If these ideas belonged within Eternal’s strategic scope, I would have pursued them within the company. They do not,” he said.

Goyal has been re-designated as the Vice Chairman and Director on the Board of the company for the period of five years. The entrepreneur said that he will be involved in long-term strategy, culture, leadership development, and ethics and governance.

Goyal added that Eternal must remain focused and disciplined while exploring new growth opportunities aligned with its existing businesses. “Eternal deserves to remain focused and disciplined while exploring new areas of growth that are relevant to its current line of business,” he said.

While he believes he has the bandwidth to continue at Eternal alongside pursuing external ideas, Goyal noted that the expectations, such as legal and otherwise-of leading a public company in India require singular focus. “This transition allows Eternal to remain sharply focused, while giving me the space to explore ideas that do not fit Eternal’s risk profile,” he said.

Goyal said Dhindsa will take charge of day-to-day execution, operating priorities and business decisions. Praising his friend and colleague, Goyal said Dhindsa has played a critical role in building the organisation. “He built the team, the culture, the supply chain and the operating rhythm. He has the DNA of a battle-hardened founder, and his ability to execute far exceeds mine. He is more than capable of leading Eternal as Group CEO,” he said.