Key Points:
- Advisors Step Down: Rajnish Kumar and Mohandas Pai have decided to discontinue their roles as advisors to Think & Learn, the parent company of Byju’s, following discussions with the founders.
- Establishment of Advisory Council: The advisory council was formed in July 2023 to guide Think & Learn through a period of crisis and improve governance within the organization.
- Mutually Agreed Decision: Kumar and Pai’s departure was mutually decided after the conclusion of their fixed-term engagement, scheduled to end on June 30, 2024.
- Continued Goodwill: In a joint statement, the advisors expressed their continued support for the company and offered their availability for future consultations, despite the formal conclusion of their engagement.
- Acknowledgment of Contributions: Byju’s acknowledged the valuable support provided by Kumar and Pai during their tenure as advisors, particularly amidst ongoing legal disputes with certain foreign investors.
- Transition Period: The departure of the advisors marks a transition for Byju’s as it continues to navigate through challenges and focus on restructuring efforts, under the leadership of Raveendran Byju.
In a recent development, Rajnish Kumar, former SBI chairman, and Mohandas Pai, ex-Infosys chief financial officer, have decided to discontinue their roles as advisors to Think & Learn, the parent company of the renowned edtech firm Byju’s. This decision follows discussions with the company’s founders, marking the conclusion of their tenure on the advisory council.
The advisory council was established in July 2023 with the aim of guiding and mentoring Think & Learn through a period of crisis and enhancing governance within the organization. However, after deliberations with the founders, Kumar and Pai have opted not to extend their engagement beyond the agreed-upon fixed-term basis.
In a joint statement, Kumar and Pai expressed their continued goodwill towards the company, stating, “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.”
The contractual agreement between the advisors and Think & Learn is set to terminate on June 30, 2024. Despite their departure, Byju’s emphasized the value of the advisors’ contributions, acknowledging their instrumental role during a challenging period. Raveendran Byju, the founder of Think & Learn, expressed gratitude towards Kumar and Pai, affirming their support amidst ongoing legal disputes with certain foreign investors.
“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,” stated Raveendran.
The decision marks a transition for Byju’s as it navigates through complexities, with a focus on restructuring and resolving existing challenges. While Kumar and Pai bid farewell to their advisory roles, their expertise and guidance are expected to continue influencing the company’s trajectory, albeit in a different capacity.
