Flipkart Group CEO Binny Bansal resigns after allegations of ‘misconduct’
- Shekhar Chs
- Expert +
- 20 Follows
Walmart earlier this year agree to pay $16 billion cash for a roughly 77 percent stake in the Indian e-commerce firm, Amazon’s main rival for India’s 1.3 billion consumers.
Shortly after Walmart announced the acquisition in May this year, Bansal talked about his departure in a sad Facebook post.
Several months after Walmart bought Flipkart, the group CEO at the e-retail firm is leaving with immediate effect. Flipkart Group CEO Binny Bansal has resigned, allegedly following a probe into "serious personal misconduct"
With Binny also out now, both founders of Flipkart -- Sachin and Binny -- who were there before the Walmart deal are no longer working with the company.
Binny, who resigned as CEO, of Flipkart group on Tuesday, said these have been challenging times for his family and him.
“For some time, I have been mulling over the right time to step away from an operating role at Flipkart Group. My plan was to continue in my current role for a few more quarters to continue the transition after closing the deal with Walmart. However, my decision to step down has been accelerated by certain personal events that have taken place in the recent past,” he said.
At the same time, Walmart statement notes that the investigation did find "lapses in judgment". It says, " 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."
Walmart in a press statement said the "independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct" did not find anything amiss or anything improper by Binny, but he is still leaving because the whole affair is "distracting".
Kalyan Krishnamurthy, who heads the company’s main Flipkart e-commerce operation, would now act as chief executive for a broader group of businesses including apparel websites Myntra and Jabong, the company said.
However Bansal said he will continue to be a large sharehold in the firm.