Flipkart co-founder and group chief executive officer (CEO) Binny Bansal surrendered from the organization today with immediate effect. Flipkart is presently controlled by Walmart Inc after the latter obtained 77 percent of Flipkart for $16 billion in May.
In an announcement the organization said that Bansal’s choice follows an autonomous investigation done for the benefit of the Flipkart and Walmart into a claim of serious personal misconduct. Despite the fact that Bansal has unequivocally denied the claims.
Walmart Inc. said in a press statement, “He strongly denies the allegation. Nevertheless, we had a responsibility to ensure the investigation was deliberate and thorough.”
Though Walmart did not find any evidence to corroborate the complainant’s assertions against Bansal, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of which they accepted his decision to resign.
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.
Walmart statement on Binny Bansal-
The statement didn’t give details of the allegations against Bansal.
Kalyan Krishnamurthy will continue to remain the CEO of Flipkart, which will now also include Myntra and Jabong, Walmart said. On the other hand, Ananth Narayanan will continue as the CEO of Myntra and Jabong and will report to Krishnamurthy.
We hope that Binny shares his side of the story too. Kind of dampens all the celebrations around India’s biggest startup exit.