Flipkart CEO Binny Bansal resigns over allegations of serious personal misconduct

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NEW DELHI: Flipkart Group co-founder Binny Bansal Tuesday resigned as CEO of the company over allegations of ‘serious personal misconduct, the firm's new parent Walmart said.

 

Bansal ( 37) has strongly denied the allegations, the company said in a statement.

“His decision to step down follows an independent investigation done on behalf of Flipkart and Walmart, even though the probe did not find evidence to corroborate the complainant's assertions against Binny", the Walmart said in a press statement.

While the statement did not provide details of the "personal misconduct" allegations against Bansal, sources indicated that the complainant was associated with Flipkart a few years ago and is now running her own venture.

“While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign”, the company added.

“Kalyan Krishnamurthy will continue to be CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business”, the statement said.

Bansal founded Flipkart in 2007 with Sachin Bansal and had served as its CEO since 2016 and Sachin Bansal became executive chairman.

Earlier the Walmart acquired a majority stake in Bengaluru-headquartered Flipkart in a $16-billion deal. Soon after that Sachin Bansal had left Flipkart after selling his entire 5.5 per cent stake to Walmart as part of the deal.

It was the U.S. retailer’s largest-ever deal and a major move in its efforts to oppose Amazon at home and abroad.

As per the latest development, both Flipkart founders, Sachin Bansal and Binny Bansal, are out of the company.

With inputs from PTI

 

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