Flipkart co-founder Sachin Bansal has stepped down as CEO👔 to be replaced by co-founder and former COO Binny Bansal (no relation). Sachin Bansal is to become executive chairman💺 to “mentor the senior leadership of the company and look for new investment opportunities,” the company said in an 📢announcement. Flipkart did not announce a reason for the change, but possibly made the move to better compete with Amazon and Snapdeal👌. Amazon, which is run in India by Amit Agarwal, has promised to invest billions into its India business. Agarwal spent two years earlier in his career working as Jeff Bezos’s😎 right-hand man. Snapdeal has raised 💲1.5 bn from investors such as Alibaba and SoftBank. Though Flipkart is the leader valued at 💲15 bn, the mamangement reshuffle hopes to ensure that things stay that way.