Ola CEO Bhavish Aggarwal
Credit: Reuters File Photo
Founder and CEO of Startup India’s poster child and highly-valued listed entity, Zomato’s Deepinder Goyal, recently took to social media to highlight an important issue affecting his delivery executives.
He shared a video showing him being stopped from entering a Gurgaon mall while delivering food as a delivery agent, bringing attention to the challenges his employees face daily.
The post quickly went viral, resonating with users and prompting broader discussions about the treatment of delivery workers. In stark contrast, Bhavish Aggarwal, the founder of another high-valuation listed entity, Ola, engaged in a public and below-the-belt social media spat with comedian Kunal Kamra.
While one CEO used mass communication to spotlight and address his staff’s concerns, the other fell short of the expected standards of professional and responsible behaviour for the leader of a publicly listed company.
In the age of social media, governance for listed companies has become a balancing act between addressing public criticism and maintaining professionalism. The recent exchange between Ola Electric’s founder and a stand-up comedian, while might be appealing to a younger audience, exemplifies the risks of engaging in heated, personal retorts.
For listed entities, such behaviour can damage reputations and erode public trust. Founders must remember that their companies are accountable to shareholders, regulators, and the public at large, and must exercise restraint, even when provoked.
Social media, though a direct line to the public, can quickly turn into a double-edged sword. Leaders who use it impulsively risk detracting from their company’s core purpose — serving consumers — and jeopardise both brand image and investor confidence. As companies transition from startups to listed entities, their communication must mature as well. What may work in a private startup environment no longer suffices in the public sphere, where governance standards are stricter, and scrutiny is far greater.
It is essential for founders to let their work speak for itself rather than engage in public battles. The temptation to respond with flair must be tempered by the need for professionalism. The primary responsibility of listed companies is to answer stakeholder queries and address consumer grievances, not engage in public spats. A failure to prioritise these responsibilities can erode the very trust that builds a company’s market valuation.
Boards, particularly independent directors, play a critical role in these situations. They must hold leadership accountable when consumer complaints pile up and ensure that management prioritises operational agility and transparency in resolving such issues. But, in practice, how can boards assert their influence when larger-than-life founders dominate the narrative? Founders’ charisma can overshadow the checks and balances designed to protect shareholders and maintain corporate governance.
True leadership lies in knowing when to step back and allow the work to speak. Comparisons to global innovators like Elon Musk or Steve Jobs may flatter some, but for most listed entities, letting bravado overshadow governance is a recipe for disaster. Instead, founders must embrace the responsibility of managing not just the company’s image, but also its long-term sustainability. This requires leaders to focus on what truly matters — consumers and stakeholders — rather than their own public persona.
Consumers remain the lifeblood of any organisation. When founders prioritise valuation games or public image over consumer satisfaction, they risk not only their company’s reputation but also its long-term business sustainability. Listed companies cannot afford to ignore the core purpose of their existence: to serve their customers. Governance practices must evolve alongside the company’s growth, ensuring that behaviour aligns with the high expectations of shareholders, regulators, and the public.
Ultimately, leaders of listed entities must demonstrate professionalism and tact in all public engagements. The cost of impulsive behaviour is borne not just by the individual but by every stakeholder invested in the company. Boards, shareholders, and consumers deserve leadership that reflects maturity, accountability, and a commitment to governance.
The complexity of running a public company today demands more than just business acumen. It requires emotional intelligence, especially when navigating online discourse. Instead of indulging in confrontations, leaders should aim to foster constructive, professional dialogue.
While paid PR may paint competing narratives, one framing competitors and other external forces as enemies of progress and another criticising the founder, the real path forward lies in addressing genuine consumer concerns. Nationalistic sentiment and below-the-belt rhetoric may offer momentary distraction, but lasting success is built on transparency, accountability, and solving real issues head-on.
Listed entities already report shareholder complaints each quarter, detailing how many were received, resolved, and are still pending. Extending this practice to include consumer complaints — categorised by type, average resolution time, and those still pending — would significantly strengthen their governance claims. Listed entities can address any frustration that their efforts are not being recognised by the public.
In an age where public perception is shaped by every tweet and post, true leadership is defined by the ability to rise above the noise. Founders must understand that governance isn’t just about scaling businesses or valuations, but about ensuring that their actions align with the long-term interests of those who have invested in their vision — both financially and reputationally.
(Srinath Sridharan is a policy researcher and corporate adviser. X: @ssmumbai.)
Disclaimer: The views expressed above are the author's own. They do not necessarily reflect the views of DH.