Flipkart Group CEO Binny Bansal resigns after probe into misconduct charges

13 November, 2018, 19:45 | Author: Regina Silva
  • Binny and Sachin Bansal, creators of FlipkartImage Hemant Mishra  Mint via Getty Images

Two people familiar with the matter said the accusations around Mr Bansal are alleged to involved sexual assault.

Flipkart group CEO Binny Bansal resigned from the company on Tuesday, the e-commerce company and its parent Walmart said in a joint statement.

"The allegations left me stunned and I strongly deny them". 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.

Bansal has strongly denied the allegation, according to a separate statement by Flipkart and its main shareholder Walmart.

The inquiry did not find evidence to back up the allegation, but did "reveal other lapses in judgement". "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. But Walmart expressed confidence in the leadership structure and says the transition was in the works for some time.

Several months after Walmart bought Flipkart, the group CEO at the e-retail firm is leaving with immediate effect. Sachin left the company following its $16-billion acquisition by United States retail behemoth Walmart in May. He had been appointed group CEO in January past year and had previously held the roles of chief executive officer and chief operating officer.

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In the first half of 2018, when Walmart paid an eye-catchy $16 billion for a huge 77% stake in Flipkart, there were speculations that the "Unrelated Bansal Brothers" would be richer than Narayana Murthy, Nandan Nilekani, Krish Gopalakrishnan.

Kalyan Krishnamurthy, chief executive of Flipkart, will continue in his role and assume new responsibilities in overseeing Myntra and Jabong, online fashion retailers owned by Flipkart.

The next CEO, Kalyan Krishnamurthy, however has been reported to be a change-maker, ever since Sachin Bansal's big transformation exercise flopped in 2015. He reportedly told the business daily that he was leaving because even though allegations against him were turned out to be false, he could not continue to be the Group CEO after such charges were leveled against him.

His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. Ananth Narayanan will continue providing great leadership as CEO of Myntra and Jabong.

Kalyan Krishnamurthy takes over as chief executive.

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