Eternal denies reports claiming food delivery CEO resigned; says 'he is still part of the leadership team'

Deepinder Goyal-led Eternal (formerly Zomato) has denied reports that Rakesh Ranjan, the CEO of its food delivery business, has stepped down. In a stock exchange filing on Thursday, the company clarified that Ranjan continues to be part of the leadership team.

The clarification comes shortly after an Economic Times report suggested that Ranjan had resigned and that founder and group CEO Deepinder Goyal had temporarily taken charge of the food delivery vertical. The report also mentioned that both internal and external candidates were being considered for the role.

“We would like to clarify that as of today, there has been no resignation tendered by Rakesh Ranjan,” Eternal said in its statement. “He still continues to be part of the leadership team.”

Eternal says reshuffling is a routine part

The company added that internal reshuffling within its leadership is a routine part of its efforts to improve organisational efficiency. Eternal, which rebranded from Zomato earlier this year, is in the process of segmenting its business into distinct verticals under the group umbrella.

"At Eternal Group, internal reshuffling of the leadership team is considered a standard practice as part of the company's ongoing efforts to optimise organisational effectiveness," Eternal added.

Slowdown in the food delivery business

The development comes amid a broader slowdown in India's food delivery sector. Even Zomato's food delivery growth remained muted during the festive-heavy December quarter. Its gross order value rose just 2% sequentially to Rs 9,913 crore, though it marked a 17% increase year-over-year.

As of the quarter ended December, Eternal's largest rival, Swiggy, held a 43% share of the food delivery market, up from 42% in the previous quarter.