Flipkart co-founder Binny Bansal has resigned as the companyâs group CEO following an investigation conducted by Flipkart and its parent firm, Walmart, into an allegation of âserious personal misconduct,â the two companies said in a joint statement.
The statement read, âBinny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down.â
Bansal has strongly denied the allegations. The statement mentioned that âthe investigation did not find evidence to corroborate the complainantâs assertions against Binny.â
The statement also mentioned, âWe had a responsibility to ensure the investigation was deliberate and thorough. 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.â
Kalyan Krishnamurthy will continue as the CEO of Flipkart, which will now include Myntra and Jabong, Walmart said. Ananth Narayanan will continue as the CEO of Myntra and Jabong and will report to Krishnamurthy.
Bansalâs resignation marks the exit of the co-founders from Indiaâs largest online retailer. Sachin Bansal (not related to Binny) had exited the company they founded more than a decade ago after selling his stake to Walmart earlier this year.
Walmart earlier this year agreed to pay $16 billion for a roughly 77 % stake in the Indian e-commerce firm, Amazonâs main rival for Indiaâs 1.3 billion consumers.