Bhavish Aggarwal May Be Removed as CEO Amidst Ola Electric Crisis and Falling Share Prices

Bhavish Aggarwal, co-founder and current CEO of Ola, is facing the threat of being removed from his position following a series of internal and external issues.

A toxic work environment, questionable leadership decisions, and declining company performance have forced the board of directors to re-evaluate his role in the organization.

Sources report that the board recently conducted a meeting-in-the-absence of Aggarwal, where they decided to pass a resolution to revoke him from the post of CEO.

Employee Complaints and Toxic Workplace Allegations

One of the primary reasons that could lead to Bhavish Aggarwal’s ouster is his attitude toward the employees and the company culture.

Many employees have criticized the toxic work culture of Ola, which they hold responsible for Bhavish Aggarwal’s management style. His behavior has been labeled as “egoistic” with several incidents surfacing the fact that he never cares about the welfare of employees.

A survey report has surfaced, which was conducted among employees in Ola, indicates only 5% is content with Aggarwal being their leader.

A heavy burden of 95% considered that his leadership was detrimental for the company and he wasn’t effective in solving several grave issues.

A senior-most functionary of Ola requested anonymity while speaking with The Philox said the feelings are so strong amongst workers that 90 percent wish to see him replaced with someone else as head to carry on the legacy at the helm.

Handling of Ola Electric Crisis

The issues with Ola Electric also have left a shadow over the leadership of Aggarwal. Recently, significant backlash was received by Ola Electric as a recurring problem with its scooters was exposed in the public.

According to reports, these issues are not new and had surfaced before years ago. However, Aggarwal allegedly was not serious about the matter and did not take serious steps over the early warning and feedback.

Instead of taking the blame, Aggarwal blamed the employees for Ola Electric’s failures. He trivialized the issues and called them propaganda of other companies, which were not ready to see a company from India succeed. That defensive attitude further alienated both employees and stakeholders. It seemed like an evasive measure rather than a step towards constructive solutions.

Sackings and Share Price

Adding to the turmoil, Aggarwal recently oversaw massive layoffs, which were poorly received both within and outside the company.

Thousands of employees lost their jobs, and the decision was accompanied by what many saw as a “blame game” strategy. Aggarwal reportedly shifted responsibility for the company’s struggles onto these employees, exacerbating frustrations among the remaining workforce.

These controversies have led to significant financial impacts. The shares of Ola have plunged by 10%, and according to experts, if this trend continues, the shares can fall up to 30-35%. The loss of investor confidence is thus reflected through this decline that directly translates to the lack of trust in the management at the top.

Inflammatory Response to Criticism

Aggarwal’s public reaction to criticism has also been eyebrow-raising. When comedian Kunal Kamra pointed out flaws in Ola Electric, Aggarwal dismissed the comments attacking Kamra’s career with a call to him as “failed comedian.”

This created a lot of criticism against him saying that he was unprofessional and deflective, creating further damage to his image.

Board of Directors’ Reaction

The board of directors apparently is not taking these issues lightly. Sources close to the matter mentioned that a high-level meeting had been conducted to discuss the option of removing Aggarwal as the CEO. The fact that the meeting did not take place in the presence of Aggarwal indicates that the board wants to take appropriate action.

Although no final decision has been made until now, insiders say the board is highly likely to make a change at the top.

Future of Ola

With the potential removal of Aggarwal from being the CEO, it will also be a defining moment for Ola. From being an accolade-winning tech and mobility leader in India, today marks a crucial stage for Ola.

The leadership change would have a lot of positive things to say, which can restore confidence within the organization, among the investors and customers.

For now, Ola’s future is uncertain, but one thing is clear: the growing discontent with Bhavish Aggarwal’s leadership can no longer be ignored. The coming weeks will probably determine whether Ola can get back on its feet under new leadership or continue its downward spiral.