Rajnish Kumar, Mohandas Pai To Step Down From Byju’s Advisory Board
Embattled edtech firm Byju's on Sunday said its two senior advisory board members - Rajnish Kumar and Mohandas Pai - have decided not to renew the contractual agreement scheduled to end on June 30.
New Delhi, May 19: Embattled edtech firm Byju's on Sunday said its two senior advisory board members - Rajnish Kumar and Mohandas Pai - have decided not to renew the contractual agreement scheduled to end on June 30. The development came as the edtch company is battling several issues, including delayed salaries amid a cash crunch. Byju’s To Shut Down About 200 Offline Tuition Centres Across Country in Cost-Cutting Move
"Rajnish Kumar and Mohandas Pai have provided invaluable support in the past year. The ongoing litigation 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 and CEO, Think & Learn. Byju’s said it values the engagement with the advisors and appreciates their efforts in navigating the company through turbulent times. Byju’s Slashes Course Subscription Fees by 30–40%, Ups Sales Incentives by 50–100%
"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," Kumar and Pai said in a joint statement. Earlier this month, Raveendran asked staff to pull the plug on aggressive selling, while slashing course prices by up to 30 per cent.
(The above story first appeared on LatestLY on May 19, 2024 11:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).