Flipkart co-founder Binny Bansal has resigned as the company’s group CEO following an investigation conducted by Flipkart and its parent firm, Walmart, into an allegation of ‘serious personal misconduct,’ the two companies said in a joint statement.
The statement read, “Binny 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.”
Bansal has strongly denied the allegations. The statement mentioned that “the investigation did not find evidence to corroborate the complainant’s assertions against Binny.”
The statement also mentioned, “We 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.”
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.
Bansal’s resignation marks the exit of the co-founders from India’s 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, Amazon’s main rival for India’s 1.3 billion consumers.
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