Rajnish Kumar and T V Mohandas Pai, who joined Byju’s advisory council in July last year, will be stepping down from the statutory body by the end of next month.
Byju’s announced that Kumar and Pai have mutually decided not to renew their contractual agreement, which is set to expire on June 30, 2024.
“Our engagement with the company as advisors was always on a fixed-term basis for a year. Based on our discussions with the founders, it was mutually decided that the tenure of the advisory council should not be extended. Though the formal engagement concludes, the founders and the company can always approach us for any advice. We wish the founders and the company the very best for the future,” Kumar and Pai said in a joint statement.
Pai, the former CFO and board member of IT giant Infosys, and Kumar, the former chairperson of the State Bank of India, have played pivotal roles in advising and mentoring Byju’s board and CEO, Byju Raveendran, during their tenure. Their departure comes amid ongoing litigations by a few foreign investors, which have delayed Byju’s plans.
“Rajnish Kumar and Mohandas Pai have provided invaluable support in the past year. The ongoing litigations by a few foreign investors have delayed our plans, but their advice will be relied upon in the ongoing rebuild which I am personally leading,” said Byju Raveendran, founder & CEO of Think & Learn, in a statement.
In September 2023, Arjun Mohan was appointed as the new CEO for Byju’s India operations. However, Mohan departed from the company last month. Currently, founder Raveendran is overseeing the company’s day-to-day operations. During Mohan’s exit, Byju’s announced the consolidation of its businesses into three key divisions: The Learning App, Online Classes and Tuition Centres, and Test-prep.
The strategic restructuring and leadership changes reflect Byju’s ongoing efforts to streamline operations and strengthen its market position amidst challenging times.
