Flipkart’s Binny Bansal Resigns Over ‘Serious Personal Misconduct’

Binny Bansal, who co-founded Flipkart along with Sachin Bansal, has resigned from his post of Group CEO with immediate effect. A complaint regarding his personal misconduct has been attributed to his resignation from the firm.

“His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct,” said a press statement by Walmart, the American giant that acquired the Indian unicorn for $16 billion few months back.

The statement also says that Binny strongly denies the allegations. Walmart, however, accepted the resignation as an independent investigation by Flipkart found Binny’s conduct during the situation unacceptable.

The allegations into his personal misconduct, however, has been kept under wraps.

“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. Because of this, we have accepted his decision to resign,” the statement added.

The retail major also added in the statement that Binny Bansal was contemplating leaving the company for quite sometime but now that was accelerated and the decision was taken.

Walmart said 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. The statement also said that Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong, and will report into Kalyan. Sameer Nigam will continue leading PhonePe as CEO. Both Kalyan and Sameer will report directly into the board.

“As we look ahead, we have full confidence in the strength and depth of leadership across the company. We remain committed to investing for the long-term and are supportive of the leadership team’s desire to evolve into a publicly-traded company in the future,” the Walmart statement added.

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