Binny Bansal has resigned from the post of Flipkart Group Chief Executive Officer (CEO). Walmart Inc said in a press statement that his resignation was after an investigation into an alleged “serious personal misconduct”.
After the surprise resignation of Binny Bansal, Kalyan Krishnamurthy would now handle the group business of Flipkart. He currently heads Flipkart’s e-commerce platforms.
“Earlier today, Binny Bansal announced his resignation as CEO of Flipkart Group, effective immediately. 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,” Walmart said in the statement.
“His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough. While the investigation did not find evidence to corroborate the complainant’s assertions against Binny, it did reveal other lapses in judgment, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign,” the statement read.
Kalyan Krishnamurthy will continue to be the CEO of Flipkart, which will now include Myntra and Jabong, continuing to operate as separate platforms within the Flipkart business.
Ananth Narayanan will remain CEO of Myntra and Jabong and report into Krishnamurthy. Sameer Nigam will continue to lead PhonePe as CEO. Both Krishnamurthy and Nigam will report directly into the board.
On May 13 earlier this year, global retail giant Walmart bought 77 percent in Flipkart for $16 billion, as it made an elephant-footed entry into India’s exploding e-commerce market.
Immediately after the deal, co-founder Sachin Bansal chose to sell his estimated 5 percent stake in the company for nearly $1 billion and exited the business completely. Binny though stayed on as the Chairman and Group Chief Executive. He too owns about 5 percent stake in the company
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