New Delhi: Arjun Mohan, CEO of Byju’s India, has stepped down from his position after seven months, with founder Byju Raveendran assuming control of the company. Mohan will transition to an external advisory role. The decision comes amidst challenges including debt repayment, employee salaries, and vendor dues.
The company stated that Mohan’s departure follows a comprehensive operational review and cost optimization initiative he led. Byju’s intends to restructure its operations into three divisions—learning app, online classes, and tuition centers, and test prep—each to be led by separate executives to enhance cost efficiency.
Byju’s recent struggles have been compounded by conflicts with shareholders, notably regarding a discounted $200 million rights issue. Efforts to address financial and governance concerns led to tensions with bondholders and layoffs affecting over 500 employees.
The company, facing difficulties accessing raised funds, has seen significant employee attrition and cost-cutting measures, including vacating offices nationwide, with only the Bengaluru headquarters remaining operational.