Binny Bansal Quits As Flipkart Group CEO After Personal Misconduct Probe

By SM.13 Nov, 2018





BENGALURU: Flipkart group CEO Binny Bansal resigned from the company on Tuesday, the e-commerce company and its parent Walmart said in a joint statement. Bansal"s resignation was accepted by the company and takes effect immediately, the statement noted. "His decision follows an independent investigation done on behalf of the Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation," said Flipkart and Walmart. US-based Walmart earlier this year acquired a majority stake in Bengaluru-headquartered Flipkart in a $16-billion deal.

"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," the statement noted.

"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," said Flipkart in the statement on its portal.

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, it noted.

Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong, and will report into Kalyan. Sameer Nigam will continue to lead digital wallet PhonePe as CEO. Both Kalyan and Sameer will report directly to the board.