Flipkart’s Group CEO Binny Bansal steps down over serious personal misconduct

Flipkart’s Group CEO Binny Bansal steps down over serious personal misconduct

The e-commerce company Flipkart and its parent Walmart in a joint statement said that the group CEO Binny Bansal resigned from the company. His resignation was accepted by the company and takes effect immediately, his decision follows an independent investigation done on behalf of the Flipkart and Walmart into an allegation of serious personal misconduct.

The statement said that “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.”

Flipkart in the statement on its portal 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.”

Earlier the US-based Walmart this year acquired a majority stake in Flipkart in a $16-billion deal.

According to the report published in the ndtv, 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.