Flipkart's Binny Bansal Quits As CEO After "Personal Misconduct" Probe
- Binny Bansal has been an important part of Flipkart, says Walmart
- US-based Walmart acquired majority stake in Flipkart in May
- Kalyan Krishnamurthy to continue as CEO of Flipkart
Flipkart group chief executive officer Binny Bansal resigned on Tuesday, the e-commerce company and its parent Walmart said in a joint statement. The company accepted Mr Bansal's resignation, which takes effect immediately, according to the statement. "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," it noted. 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 companies said.
"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 the statement, released on the e-tailer's 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 company's business, it added.
Ananth Narayanan will continue to lead the company as CEO of Myntra and Jabong, and will report to Mr Krishnamurthy. Sameer Nigam will continue to lead digital wallet PhonePe as CEO.
Both Mr Krishnamurthy and Mr Nigam will report directly to the board.
The e-commerce major also said it remains committed to investing for the long-term and is "supportive of the leadership team's desire to evolve into a publicly-traded company in the future".
Walmart bought a roughly 77 per cent stake in Flipkart firm in May, marking the US retailer's largest-ever deal.