Byju's Loses Three Prominent Board Members, Company Faces Turmoil

Byju's, one of the most dominant EdTech company faces  turmoil as three prominent board members of Byju's departed from the organization, along with its official auditor Deloitte. The resignations have mounted new challenges for the company, although it news has not been officially confirmed by the EdTech. In addition to the departure of three board members, Byju's has also been dealing with the exit of its official auditor, Deloitte.

Though the resignations are yet to be accepted by Byju's board, it is a great setback for the company. Already, surrounded by strings of controversies these news of resignations came at the time when Byju's recently announced its acquisition of US based EdTEch for $2 billion. The list of controversies also includes a $5 million fine on the company imposed by the US Securities and Exchange Commission for providing misleading information to investors. The company has also fired over 1000 employees recently.

Who are the individuals that tendered resignation from the board of Byju's?

The three resignations includes names like GV Ravishankar, Russell Dreisenstock and Vivian Wu. These are the most prominent professionals of the industry who have earned huge respect for their work and expertise.

GV Ravishankar is working as a managing director at Sequoia Capital, and is one of the biggest investors of Byju's. He joined Byju’s board in 2019. Russell Dreisenstock is the managing director of Prosus,which is a Dutch investment company. It is  also a major stakeholder of Byju's and has been ob board since 2018. And, Vivian Wu is a managing director at the Chan Zuckerberg initiative, it is a philanthropic organization founded by Mark Zuckerberg and Priscilla Chan. They joined Byju's board in 2019

These resignations are a big blow to the company. Their departure will deprive Byju's of the expertise they were providing in their respective departments. GV Ravishankar, Russell Dreisenstock and Vivian Wu are respected professionals of industry and their absence will raise questions about the future growth of the company.

Conclusion

The departure of these respected professionals has left the industry eagerly awaiting for future board appointments of Byju's. It is yet to be seen how the company is going to navigate itself through these challenges and overcome these obstacles.

The article has been written by Punam Singh